A Sweden-based music, podcast, and video streaming service, Spotify has announced that it had marked 70 million subscribers amid reports that the world’s largest music streaming company plans to go public in the coming months.
The company, which has been valued at up to $20 billion, revealed that it added 10 million paying subscribers since its last update in July.
Interestingly, the number of total users remains consistent for company. It said in June that it had 140 million active users when including listeners who access Spotify’s free, advertising-backed tier.
The real competitor for Spotify is Apple Music, which was launched in 2015 as the market shifts away from the purchased downloading of songs on the tech giant’s iTunes.
Apple revealed in September that its streaming service had as much as 30 million paying subscribers, reflecting a still significant gap with nearly 10-year-old Spotify but also indicating that Apple Music is growing quickly.
The subscriber announcement comes amid report that Spotify plans shortly to go public, using an unusual direct listing rather than a more common initial public offering.