Spotify Hits 50 Million Paid Subscribers, Lifting Music Industry
- Unprofitable service generates most revenue from subscriptions
- Talks with major record labels said to reach standstill
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Spotify has surpassed 50 million subscribers, extending its lead over rivals Apple Music, SoundCloud and Google as the world’s largest paid music streaming service.
The service, owned by Stockholm-based Spotify Ltd., has been growing at a breakneck pace. The company said it had 30 million subscribers less than a year ago, and 40 million subscribers in September. Apple Inc., owner of the second-largest paid service, said last month its streaming service has more than 20 million customers.