Spotify Hits 3 Million Paid Subscribers, 20% Conversion Rate
During an appearance at at Universal Music Open Day in London, Spotify Chief Content Officer Ken Parks announced that the music streaming service now has 3 million paid subscribers. That's up from 2.5 million just 2 months ago and would mean that 20% of an estimated 12.5 million users are converting from free to paid subscriptions.
“We say there are about half a billion people who listen to music online today… The vast majority of them don’t pay a thing for music. The opportunity there is enormous if you can just get it right,” Parks told the crowd.
Read the full notes of a live blog on the event on Music Ally.