60m

Finweek English Edition - - The Week -

Spo­tify, the pioneer of mu­sic stream­ing, has reached 60m pay­ing cus­tomers and is pre­par­ing for a public list­ing in the fourth quar­ter of the year, ft.com re­ported. It has added more than 20m paid sub­scribers in the past year, out­pac­ing Ap­ple, it re­ported. The Swedish start-up was val­ued at $8.5bn in a fund­ing round in 2015. It earned rev­enue of €2.9bn last year. The ris­ing pop­u­lar­ity of mu­sic stream­ing ser­vices, in which peo­ple pay monthly sub­scrip­tion fees to ac­cess a li­brary of about 30m songs, has led global mu­sic sales to grow last year at the fastest pace since 1997, ft.com re­ported.

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