Spotify has noted that it has seen a faster pace of growth since the launch in June last year of rival Apple Music. Spotify, which was created in Stockholm 10 years ago, now boasts of having close to 100 million users in more than 59 markets, despite increasing competition and, so far, a lack of profits.
Jonathan Forster, a vice president said the arrival of Apple in the market has been good for business by helping to raise the profile of the industry.
“Since Apple Music started we’ve been growing quicker and adding more users than before. It would be terrible if we were just taking each other’s users or to learn there was just a ceiling of 100 million users – I don’t think that is the case,” Forster said.
Spotify now has 30 million paying users, making it the market leader in music streaming, while Apple Music has reported having 13 million paying subscribers since its launch last year in over 100 countries.
But Forster said that there will be some downsizing in the market soon. There is competition from Pandora, SoundCloud, Tidal, YouTube and Google Play Music.
Forster said having multiple streaming services was not sustainable in the long run.
“My Internet history would tell me that there’s probably not going to be that many significant players, and then maybe smaller niche cases … maybe there could be a classical music streaming service. It’s a hard business.”