Spotify Is Getting Better At Converting Free Users Into Paying Ones
The company released new numbers today.
It’s a day full of good news for Spotify: the streaming service announced that it now has 75 million monthly users, and 20 million of those are paying monthly fees to use the platform. Billboard points out that these new numbers indicate the company is becoming more successful at transforming free users into paying ones. In the past, the Spotify has averaged one paying user out of every four. The latest round of statistics showed a slight increase in this ratio.
Perhaps because of the latest data, the company also exceeded its latest fundraising goal. The Wall Street Journal reported in April that the company was hoping to raise around half a billion dollars. They ended up with $526 million.
To celebrate, the Spotify made a new playlist. The first song? "The Underdog" by Spoon.