One millionth subscriber for Spotify

What better time would there be to announce that you have signed up your one millionth paying subscriber, when you are in the process of putting together a £60 million financial package, well that is what the online music site Spotify have managed to do.

Spotify have around 6.67 million users, but only one million or about eight per cent have chosen to pay for the premium service.

According to a company announcement on its blog; “It seems like only yesterday we were hatching ideas for a new music service in a tiny office-cum-apartment with a broken coffee machine.

“So 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.”

Once the funding is in place it will mean that, the company is worth a staggering £616 million.

Source [BBC]