Spotify Reaches 60 Million Paying Users Ahead of Going Public

Shopify hit 60 million paying subscribers this week.

The company, which leads all music streaming platforms in user count, updated its figure yesterday. As of June, Spotify has 140 million total users.

Spotify has indicated it plans to go public later this year, though not necessarily through an initial public offering; rather, the company has been considering a direct listing, which raises no extra capital but instead enters the public market by allowing investors and employees to sell their shares immediately.

The platform, which is available in 60 countries, boasts over 30 million songs and two billion playlists and has paid out more than $5 billion to rights holders since being founded in 2008.

Competitor Apple Music has around 29 million paying users while Jay-Z’s service, Tidal, has about two million.

Spotify earlier this year acquired Niland, which uses machine learning to help users discover music they like.