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Music Streaming Company Spotify Reaches a Big New Milestone

July 31, 2017, 6:52 PM UTC
Spotify CEO Daniel Ek Makes Announcement
Daniel Ek, chief executive officer of Spotify Ltd., speaks at a news conference in New York, U.S., on Wednesday, Nov. 30, 2011. Spotify Ltd., the music-streaming service, will open its site to software developers to attract new users with features such as ticket sales and song lyrics. Photographer: Louis Lanzano/ Bloomberg via Getty Images
Photograph by Bloomberg via Getty Images

Spotify now has 60 million paying subscribers, adding 10 million subscribers in less than five months, a spokeswoman for the music streaming company said on Monday.

The spokeswoman declined to comment on a report in the Financial Times that the Swedish company was eyeing a listing as soon as the fourth quarter, citing people familiar with the matter.

Spotify, which recently appointed financial advisers to explore a direct listing on the New York Stock Exchange, said in June that its operating loss widened in 2016 but revenue rose significantly.

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In March Spotify reported it had 50 million paying subscribers, a rise of 25% in less than six months, extending the music streaming service’s lead over its closest rival, Apple Music.

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Last week Reuters reported that Spotify was close to agreeing a new licensing pact with Warner Music, the last big music royalty deal it needs before pushing ahead with a U.S. stock market listing, four sources familiar with the situation said.