Netflix isn’t the only streaming behemoth gobbling up headlines these days. Music streaming service Spotify continues to cement its top position in the industry and recently crossed off a major item on the success checklist. The Swedish company revealed that it has surpassed 60 million paid subscribers. According to the company’s July metrics, Spotify also boasts 140 million active users as of last month. This is particularly impressive when you remember the company was only founded in 2008.
The timing couldn’t be any better either as Spotify is planning an IPO for later this year. According to Variety, the IPO “will reportedly come in the way of a direct listing on the New York Stock Exchange.”
Back in March, the company reported a subscriber base of 50 million. Its recent growth (10 million new subscribers in four months) has been off the charts and puts them in a position to dominate the marketplace. While rival Apple Music continues to be a strong player in the market (27 million paid subscribers as of June, according to Yahoo!), it’s looking more and more like Spotify is the world’s preferred streaming service. Turning a consistent profit remains a struggle in the field, but Spotify is in a strong position as it reportedly prepares to go public.
The streaming service is currently available in 60 markets and houses more than 30 million songs, according to Variety. It also has more than 2 billion popular playlists.