There is without doubt that Spotify is currently the leader in music streaming. While Apple Music has been doing extremely well for itself, despite the relatively late start, it’s starting to feel like the company could have a hard time closing that gap. This is because according to Spotify’s Q1 earnings, the company is now boasting that they have 130 million paid subscribers.Apple hasn’t shared the numbers for Apple Music for a while now, and last we heard, Apple Music was home to about 60 million paid subscribers. This means that based on the current figures, Spotify’s paid subscribers is more than double that of Apple Music, which like we said, represents a massive gap that could be difficult to close.
The 130 million paid subscribers is an increase of 6 million from the previous quarter. Spotify is also claiming that they have 163 million monthly active users on its ad-supported tier, which is free to use but users will need to put up with ads in between songs.
According to the company, “Despite the global uncertainty around COVID-19 in Q1, our business met or exceeded our forecast for all major metrics. For Q2 and the remainder of the year, our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact.”
Filed in . Read more about Entertainment, Music and Spotify. Source: techcrunch