Spotify goes past 300 million global subscribers

Spotify has now eventually crossed 300 million global subscribers. It achieved the milestone after the recent launch in Russia.

According to The Verge, Spotify now has 320 million monthly active users.

The recent addition of Russian subscribers resulted in a staggering 29% growth every year. That’s really a huge benefit to the music streaming service over its rivals.

The company also said that Russia had been the “most successful new market launch to date.”

Other big players like Apple Music and Amazon Music are nowhere near the Swedish-based audio streaming company figures.

Spotify vs. Apple Music

Speaking of direct comparison, Apple Music’s official subscriber count is just under 100 million right now. It has approximately 60 million paid users. It doesn’t offer a free service like in the case of Spotify.

India is also a big market for music streaming right now. And it’s got various platforms that offer free or paid audio services. Apple Music is still far behind in this region also.

On the other hand, the Swedish music company is way ahead of all the portals combined.

On the contrary, the company did suffer a loss this year despite so much growth in terms of the expanded user base. It made a revenue growth of 14% or $2.32 billion but still incurred a $118 million loss in the recent quarter. Last year it was way above, at $282 million in the same period, according to the Wall Street Journal.

Meanwhile, the company is constantly performing well in the section of podcasts also. Globally, it has 1.9 million available podcasts now, up from 1.5 million in the last quarter.

All the users on the platforms widely follow Joe Rogen’s podcast. The company said that his episodes will now become Spotify exclusive before the end of this year.

Streaming services facing issues of racist content

No matter how good these music streaming services are doing currently, things are not all ideal within themselves.

Recently, a BBC investigation found that Spotify and other major streaming platforms like Apple Music played racist content. Deezer and YouTube Music were also found to be doing the same.

The investigation showed that these companies don’t filter out racist lyrics of many tracks. In their defense, the platforms did clarify that there are guidelines, and strict steps will be taken.

But this case clearly shows that many people listening to racist songs and content on these major services do get influenced. The songs affect their opinions towards other races and how to treat them.

Overall, it’s a serious issue right now, and companies like Apple Music and Spotify must raise their standards when it comes to promoting equality. It won’t happen just by giving out playlists on such themes. They must stop streaming all racism-based music.

Image courtesy of Funstock/Shutterstock

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.