Spotify reaches '100 million users' milestone

The streaming service hasn't been slowed down by increased competition from the likes of Apple Music...

Spotify reaches '100 million users' milestone

Andrew Matthews / PA

Spotify has confirmed that its monthly active user base has sailed past the 100 million mark for the first time.

The market leader in music streaming continues to show strong growth almost eight years on from its launch in Sweden, despite increased competition of late.

Spotify is currently adding some 1.8 million users to its service every month, and 30% of these are paying subscribers.

Overall, the service now boasts over 30 million subscribers.

The latest reason for celebration in the company's Stockholm HQ comes hot-on-the-heels of news that Spotify has now overtaken Skype as Europe's most highly-valued European startup.

According to tech investment bank GP Bullhound, Spotify is worth an estimate €7.5bn. Its revenue leapt 80% to €1.95bn last year alone.

When it comes to the competition, Apple Music is currently its nearest rival, having launched back in July 2015.

It is some way off Spotify's numbers however, with just over 13 million subscribers, whilst Spotify pointed to the 10 million new subscribers it gained in the first nine months that Apple Music was on the market as evidence that Apple isn't slowing it down in the slightest.

Despite all of this, Spotify is not turning a profit. In fact, its losses rose 10% to €173m in 2015. These losses can be chiefly attributed to the payments it makes to music labels, artists and music rights holders.

The solace for Spotify is that its revenues are rising at a rate far greater than its losses, meaning that the tide will soon turn if the company's popularity continues to soar.