Spotify is armed with a war chest topping more than a half-billion dollars to fight Apple Music.
The Swedish music streaming firm has funding from two European telcos and Goldman Sachs and plans to launch a massive marketing blitz to tackle Apple's own advertising funds, MBW reports this morning.
Music streaming service Spotify has significantly increased usage by its own accounting, announcing that it now has 75 million active users, with 20 million of them paying for its premium subscription tier.
That’s an increase from the 60 million active users and 15 million subscribers announced by the company in January. The proclomation’s timing is no coincidence, coming days after Apple unveiled its rival Apple Music service.
“What a difference a year makes! At the end of May 2014, we reached 10 million paying subscribers and 40 million active users. Today, we have reached more than 20 million subscribers and more than 75 million active users,” claimed a post on Spotify’s blog.