Infographic: 10 Years Of Spotify

Music streaming platform Spotify Technology SPOT reports having 180 million monthly active users and 83 million paid subscribers. The service continues to gain momentum against its top rival, Apple, Inc. AAPL Music.

Data from Statista.com shows Spotify has experienced impressive long-term growth.

What Happened

Over the last 10 years, Spotify has become the world’s most popular music platform. In order to represent the company’s advancement, Statista produced a graph of worldwide monthly active users and premium subscribers over that time period. 

As the chart shows, Spotify didn't take off right away. Launched in several European countries in 2008, the platform grew slowly until the U.S. launch in 2011. In April 2018, Spotify went public on the New York Stock Exchange and is valued at $28.9 billion.

Find more infographics at Statista. 

Why It’s Important

Drake remains the most-streamed artist of all time, followed by Ed Sheeran, Eminem, The Weeknd and Rihanna. "Shape of You" was the top song of the year, along with "One Dance" and "Closer."

In the increasingly competitive landscape of music streaming, Spotify continues to gain leverage over Apple Music and Pandora Media Inc. P. With discounted student plans, new family plans, unlimited streaming and no-commitment options, the company has created a diverse product offering that attracts every kind of listener.

What’s Next

Perhaps the biggest competitive threat in the space came last week, when Tencent Music Entertainment filed for a U.S. IPO that is expected to value the company in the range of $25 billion to $30 billion, on par with Spotify. The company is postponing the IPO until at least November due to sell-offs in global markets, according to a Thursday Wall Street Journal story. 

Spotify shares last closed at $158.49. 

Related Links:

Chart: Apple Music Is Losing Ground To Spotify

The Latest Trends In Streaming Music, From Apple Music To Spotify