--Spotify triumphs with 1m paying subscribers

Internet Business News
03-08-2011
--Spotify triumphs with 1m paying subscribers

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

8 March 2011 - Spotify claims it has become the world's biggest online music subscription service after hitting a milestone of one million paying subscribers in Europe, the Financial Times reports.
The digital music service's chief executive Daniel Ek said the figure represented 15% of its active user base of 6.67m people.

According to analysts' earlier estimates, based on previous data, just 7 - 8% of the group's users were paying subscribers.

Ek said this was a very good number for a company which offered a free service and depended on users becoming subscribers and paying for premium features.

The Anglo-Swedish group's achievement comes as it is gearing up for a US launch and a USD100m (EUR72m) fundraiser, targeting a valuation of USD1bn.

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