Spotify reach 60M subscribers, set to go public

Spotify has just reached another huge milestone – 60 million subscribers – and are set to go public.

The streaming service within the last year has racked up a massive 20 million paid subscribers, dramatically overshadowing competitors Apple Music. Apple Music, as of June only sits at 27 million, and it’s taken the platform more than a year and a half to achieve.

It should however, be taken into account that Apple Music was only established in 2016 and they are showing promise that in the future they could be massive contenders.

Spotify’s personalized playlists and discover weekly have been an appealing feature that seems to have attracted music lovers and has become a taste maker’s heaven. What also appeals to Spotify subscribers is the option to try the service free for a 3 month periods, unlike Apple Music who offer only a month.

Spotify is now set to go public without doing an IPO, allowing insiders of the company to sell shares to the stock market. This approach is also said to avoid lock up periods in which insiders could get stuck without being able to sell shares for months. If Spotify’s approach of not doing an IPO becomes a success, we may see more companies following this in the near future.