Music streaming service Spotify has paid more than $3bn (£1.9bn) in royalties to artists, songwriters and rightsholders.
The company made the announcement in a new blog post outlining the company’s rapid growth over the last year.
According to Spotify, it now has more than 20m paying subscribers and 75m active users. This is an increase of 10m paying subscribers since the 10m seen at the end of May 2014.
This growth equates to an average of one new subscriber every three seconds over the past 12 months.
In the blog, Spotify said: ‘As we grow, the amount of royalties we pay out to artists, songwriters and rights holders continues to climb faster than ever. We have now paid more than $3bn in royalties, including more than $300m in the first three months of 2015 alone. That’s good for music, good for music fans … and good for music makers.’
Meanwhile, the company has recently secured $526m in a funding round that values the music streaming company at $8.5bn. The announcement comes as Apple unveiled its rival streaming service, Apple Music.
The company made the announcement in a new blog post outlining the company’s rapid growth over the last year.
According to Spotify, it now has more than 20m paying subscribers and 75m active users. This is an increase of 10m paying subscribers since the 10m seen at the end of May 2014.
This growth equates to an average of one new subscriber every three seconds over the past 12 months.
In the blog, Spotify said: ‘As we grow, the amount of royalties we pay out to artists, songwriters and rights holders continues to climb faster than ever. We have now paid more than $3bn in royalties, including more than $300m in the first three months of 2015 alone. That’s good for music, good for music fans … and good for music makers.’
Meanwhile, the company has recently secured $526m in a funding round that values the music streaming company at $8.5bn. The announcement comes as Apple unveiled its rival streaming service, Apple Music.
