USA TODAY – Two days after Apple formally entered the streaming music market, key player Spotify announced it doubled the number of paid users of its service over the past year.
In a statement released Wednesday, Spotify says it now hosts 20 million subscribers, up from 10 million in May 2014. The company also nearly doubled its number of active users — from 40 million last year to 75 million.
Meanwhile, a report from The Wall Street Journal says Spotify closed a round of funding worth $526 million, which would value the streaming service at $8.5 billion.
Spotify’s fast growth comes as a major competitor enters the fray: Apple. On Monday, the company unveiled its Apple Music service, which launches June 30. It will be available for $9.99 a month, or via family plan featuring up to six accounts for $14.99.
Last month, Spotify announced it would incorporate streaming video and podcasts.
Article by Brett Molina for USA Today
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