It was on October 7 that Spotify began its music streaming services in various countries in Europe. Having its origins in Stockholm as a startup, not many people would have expected it to gradually become one of the most popular music streaming services in the world. Today we have hundreds to thousands of small and big music streaming services such as Soundcloud, Deezer and more, including apps that work regionally, locally or that are popular within a country.
So we can say that Spotify's take on this industry was new and therefore a huge leap and breakthrough. It was due to this very reason that Spotify didn't initially settle down well but by 2013, it was able to attract approximately 30 million active users along with 8 million subscribers to its premium service. Fast forward into the end of June 2020, and Spotify has grown to a massive family of 299 million active users and 128 million premium subscribers.
Spotify has also recently announced a new subscription package for couples, in which two people living in the same residence can share their music for a valuable subscription fee. It also plans to roll out a similar feature for families. This will be helpful for Spotify users because they wouldn't have to share their accounts and everybody's favourite music can be compiled into one playlist. With Spotify announcing these new options, more users are expected to come on board and existing users can change their subscription plan.
However, the company has recently suffered a loss of approximately 167 million euros in operations related to its premium subscriptions. of Spotify's current value stands at $50 billion. Have a look at the infographic below to see how this music streaming giant has gradually progressed and it is expected to grow even more.
