Spotify Hits 140 Million Users, Says It'll Pay Record Companies $2 Billion
The biggest music streaming service in the world, Spotify, announced that they've experienced sizeable growth.
According to a new report, the service has reached 140 million monthly active users, which is up from 126 million at the end of 2016. Their advertising revenue has also reportedly gone up by 50% since the end of last year as well.
They are also looking to make some heavy-duty payments to the record companies, to the tune of $2 billion. In fact, the only number they have't updated was their number of paid subscribers, which was last reported at 50 million. One can only assume that they will increase their lead over Apple Music, who has 27 million paid subscribers.
The increased sales figures doesn't automatically mean a promising financial picture for the company, however. Spotify has previously reported a net loss of $601 million, and that's after accounting for its $1 billion debt financing last year.
