Apple Music's higher growth rate could see it topple Spotify in terms of paid music subscribers by summer this year: Report

Spotify, the world's largest subscription-based music streaming service could lose its throne to rival Apple Music in subscriber count in the US by summer of 2018.

Spotify has nearly 70 million paying subscribers globally, while Apple had about 30 million till September last year. However, Apple's higher growth rate than Spotify could soon make it the more dominant player, at least in the US.

Spotify. Reuters

Spotify. Reuters

The Wall Street Journal, reports that Apple has confirmed to them that it has now got over 36 million subscribers globally. The US is the biggest market for paid music subscription with over 30 million subscribers as of last September according to The Verge and Apple has had 5 percent growth per month since then as compared to Spotify's 2 percent.

As per the WSJ report, even though Apple does not provide an ad-supported free version for its Music service like Spotify, domination of the smartphone market on its home turf of the US has led to a great boost in subscriptions. However, outside the US, Spotify does hold a considerable lead as most of the markets are dominated by Android and the service itself has been there for a much longer period of time than Apple Music. When taking into account the non-paying subscriber base as well, the global numbers for Spotify sky-rocket to 140 million (as of last June).

In more Spotify related news, the Swedish company launched a feature that will allow listeners to see stories, news, and other content through photos, videos and text, thereby expanding its offering beyond just music.

Spotify has filed confidentially with US regulators for an initial public offering and is targeting a direct listing in the first half of 2018

Updated Date: Feb 05, 2018 12:52 PM