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BBC World News
Swedish music streaming service Spotify has become the first to reach 100 million paying subscribers. The firm raked in nearly $1.7bn in the first three months of this year.
It comes a year since it started selling its shares in New York and despite fierce competition from the likes of Apple, Amazon and Google.
Matus Maar is co-founder and managing partner at Talis Capital and co-founder of Pirate Studios and says innovation has been key.
"The other titbit in these results is the success of the Indian launch," writes Nicholas Hyett.
Spotify only launched its India service at the end of February, with a bunch of bespoke playlists.
Now it has 2 million users in the country.
"With customers outside Europe and the America’s accounting for just 10% of subscribers, the potential in cracking such a populous and potentially high-growth country would be huge," Hyett adds.
“Customer growth came in towards the top of Spotify’s expectations, with particularly strong numbers from premium subscribers," writes Nicholas Hyett of Hargreaves Lansdown.
"But we think some of the most encouraging news is the positive reaction to recent product launches aimed at content producers.
"The group has been investing heavily in its podcasting platform, with tools that allow podcasters to view stats on listener demographics, locations and engagements attracting more than 20,000 users a month.
"More advanced tools are being rolled out across the music streaming business too. In an industry where competition for content is heating up, being able to offer detailed insights to content creators is a valuable tool."
Music streaming service Spotify says the number of paid subscribers for its premium service has hit 100 million for the first time.
Announcing its results for the first three months of the year, Spotify said the overall number of monthly active users grew 26% from a year earlier to 217 million.
Total revenue for the quarter rose to €1,511m (£1,303m), which was up 33% from a year earlier, but only 1% higher than the final quarter of 2018.
Reports of the death of the music industry appear to have been exaggerated. The rise of the internet generation and the availability of free tunes on platforms like Pandora and Spotify initially led to plummeting revenue for artists and the labels they work for. However a major industry report by the International Federation Of The Phonographic Industry (IFPI) found that streaming could become the top source of global recorded music revenue. The IFPI found that global recorded music revenues jumped 9.7% to reach $19.1bn last year. Streaming revenues accounted for nearly half of that. The BBC's Benjie Guy went to the IFPI event at London's Soho Hotel to find out what led to the turnaround. (Image: Amazon Music application is displayed on an Android Sony smartphone in front of hundreds of old vinyls. Credit: Getty Images)
Earlier this week, music streaming service Spotify filed a complaint with EU antitrust regulators against Apple, claiming the tech giant is unfairly limiting rivals to its own music streaming service.
It said Apple's control of its App store means consumers are being denied choice to the tech giant's own benefit.
Apple has now hit back, saying the audio streaming service "wants all the benefits of a free app without being free".
"Spotify is free to build apps for - and compete on - our products and platforms, and we hope they do," it added.
Music streaming service Spotify has filed a complaint with EU antitrust regulators against Apple, claiming the tech giant is unfairly limiting rivals to its own music streaming service.
It says Apple's control of its App store means consumers are being denied choice to the tech giant's own benefit.
Spotify filed its complaint to the European Commission on Monday.
Key to Spotify's argument is the 30% fee which it says Apple charges content-based service providers to use Apple's in-app purchase system.