Spotify reached its latest milestone yesterday: 60 million paying subscribers.
Reported in the Financial Times and confirmed to Music Ally by Spotify, the figure means Spotify has added 12 million paying subscribers in 2017 to date, with its last financial results revealing that it ended 2016 with 48 million.
Having reached 50 million subscribers in early March, that means Spotify has been adding two million a month since then, up from just under 1.7 million a month over the course of 2016.
The company said in June that it had more than 140 million active users, which (using a rough estimate of 56 million subs at that point) suggests a conversion rate of around 40%.
The news broke amid speculation about another aspect of Spotify’s strategy: podcasts. Bloomberg claims that Spotify is planning a new push on spoken-word content, including promoting some of the third-party podcasts available on its service in its advertising and app.
“Spotify is experimenting in new media to increase the time customers spend with its app – and boost advertising sales,” claimed the report. “The company wants to assess awareness of its service among avid podcast listeners and could expand the campaign to more providers later this year.”