Million magic
Spofify has announced that it now has 1 million subscribers for its music service.
The firm has reached this milestone in approximately 2 years, demonstrating the amount of change in the music industry.
In a blog post, the firm said: "It's with a sense of real pride and excitement that we can announce a new milestone today, having welcomed our millionth paying subscriber to the service."
It added: "It's a testament to our fantastic users who continue to support us and spread the Spotify word, either by telling friends or sharing some of the 200 million playlists that you've put together so far."
It also hinted that more features are set to come to the service in the ‘coming months' and promised to keep building the service.
When Spotify launched it was a relatively novel idea, but now the music subscription market is more competitive. In fact only yesterday Internet radio service we7 announced it has launched a mobile radio app that lets users create a personal radio station that can work without an internet connection.
The firm reckons the free app, available for Android devices, can be used as a user's main device for radio and music consumption as it has overcome the problems of unreliable connections and limited data allowances.
The app is available for Android users and will roll out across other mobile platforms later this year and costs £9.99 a month for the full service; an amount similar to Spotify's subscription charge.
Spofity itself has recently been rumoured to be in the final stages of raking in a large amount of cash via a fundraising round led by the venture firm that backed Facebook.
The venture capitalist company DST is believed to be pushing the deal forward, which values the music start-up at about $1bn. It is thought the fundraising round in progress aims to generate over $100m.
Spotify has reportedly already raised €82.3m in its lifetime but this new round is at a higher valuation. While it is big news in Europe, the service has yet to launch in the US but again there are rumours that it could be soon, as big record labels are thought to be in the process of signing up.
