“We’ve had an amazing year, growing from 20 markets to 56 as people from around the world embrace streaming music. 10 million subscribers is an important milestone for both Spotify and the entire music industry,” said Daniel Ek, CEO and Founder, Spotify. “We’re widening our lead in the digital music space and will continue to focus on getting everyone in the world to listen to more music.”
Despite concerns over illegal downloads hurting music sales, the music industry is actually benefitting from music streaming services. Last year, revenues from music services grew 39% to hit US$1.4 billion (RIAA, March 2014).
The Recording Industry Association of America (RIAA) found that consumers were more willing to pay for subscriptions to streaming services last year. Paid subscription services were the fastest growing digital music format, up 57% year-on-year, to US$628 million.
Perhaps it isn’t a surprise at all to see paid services for music streaming platforms like Spotify to see encouraging growth as consumers see value in ad-free services, higher quality music and offline download capabilities.
Since its establishment, Spotify has driver over US$1 billion to rights holders via its service. Spotify revealed some of its top performing artistes:
- Most streamed artists: Eminem, the most streamed artist of all time. Rihanna takes top spot for female artist.
- Most streamed song: “Wake Me Up” by Avicii, with more than 235 million streams.
- Most followed artist: David Guetta with more than 5 million followers
To celebrate the 10 million milestone, Spotify has come up with a special Thank You x 10 Million Playlist. Spotify has over 20 million tracks and you can access the service via browser on Mac or PC, mobile or tablet.
For Maxis users, you can subscribe to Spotify Premium for just RM10.00 a month, one of the cheapest rates in the world, and also includes an additional 150MB internet data. Maxis was the first telco in Malaysia to partner with Spotify.