Spotify Raises $526 Million In Latest Round of Funding; Reveals 20 Million Paid Subscribers

It was announced this week that Spotify had raised $526 million dollars, and today Spotify is back with more news straight from their mouth about their subscribers. In May 2014, Spotify was at 10 million paying subscribers and 40 million active users. As of May 2015, they doubled their paying subscribers to 20 million and they now have 75 million active users. Spotify also revealed that they have paid over $3 billion to artists thus far, and 300 million alone in the first three months of 2015.

These numbers and the news of new funding is pretty big for Spotify after Apple revealed its Apple Music this week. Spotify has 20 million paid subscribers more than Apple does right now, & they are valued more than double of what their current competitor Pandora is worth. It’ll be interesting to see how the company does with more competition joining the market. But with this week’s news, Spotify looks as powerful as ever.