Is Spotify ready to go public?

The Swedes have twice as many paying users as Apple Music

Is Spotify ready to go public?

Edward Smith / EMPICS Entertainment

Spotify has sailed passed the milestone of securing 50 million paying users - it passed the 40 million mark in September of last year.

That was up from 30 million in March of 2016, suggesting that the company is experiencing rapid growth, even as competitors like Apple Music try to eat into its lead in the streaming market.

Last summer, the company announced that it passed 100 million active users when non-premium accounts are included.

The Swedish firm has more than twice Apple Music's user base - but it is yet to return a profit as it faces rising licencing costs and pumps money into user acquisition.

Drake's One Dance was the most streamed song on Spotify in 2016 - his album Views was initially only available on Apple Music

Facing major loan repayments, the company may be tempted to go public - it has disclosed these user numbers at the same time as Snapchat's blockbuster flotation yesterday.

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It is reported to be developing a new 'Hi Fi' additional premium option, offering higher 'lossless' streaming quality and discounts on vinyl records for a higher monthly fee.

This is an option already offered by Tidal, Jay-Zs service, its last user count was 3 million in March of last year.

Spotify has shown resilience to fight off Apple and its deep pockets - the growth comes despite a number of 2016's pivotal releases from artists like Beyonce, Kanye West, Drake and Rhianna appearing on the service late, or not at all.