Those acts who are withholding music from Spotify might want to reconsider getting on board with the streaming music service. Figures just announced indicate that more than 3 million subscribers have now signed up to Spotify in the U.S., with over 20 per cent of those forking out for paid subscriptions.
In other words, a service that was offering a phenomenal deal to music fans while suffering staggering losses may be about to turn around its financial fortunes. “We have achieved some pretty great results in terms of the ratio of paid users,” said Ken Parks, Spotify’s chief content officer and US managing director, in an interview with the FT.
It will be interesting to see how Spotify progresses from here, especially as a cap on the amount of plays subscribers to the free service are getting is slowly being introduced. But for just $4.99 a month Spotify still feels like a great deal, and with Facebook firmly integrated into its infrastructure, it’s not likely to be going anywhere any time soon.