Apple Music is growing fast and Spotify is growing faster because of it

“It’s great that Apple is in the game.”

That from Jonathan Forster, a Spotify vice president. The Swedish company has credited Apple Music — nearly a year old and with 13 million subscribers — with attracting new ears to streaming and helping the ecosystem grow in general.

“Since Apple Music started we’ve been growing quicker and adding more users than before.”

But for Spotify itself to thrive it’s going to need to not just compete in the virtual sphere, but in real life, too.

With 100 million users, 30 million of them paying members, Spotify is the undisputed giant in the industry. But Forster, as interviewed by Reuters, said that it’ll take new investments in “areas that are relevant or adjacent to our business,” like live events, merchandising and video — Spotify today began providing exclusive video content showing artists behind the scenes.

Acquisitions are a possibility — either Spotify acquiring a competing service or being swallowed up by a larger tech conglomerate.

“My Internet history would tell me that there’s probably not going to be that many significant players,” Forster said. He later also stated that “I’ve always felt Spotify likes being Spotify. We have fought to get to where we are today and we are quite happy and it would be emotionally hard not to be us, but who knows?”

Spotify has taken out $1 billion of convertible debt to support its road forward.

Source: Reuters

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.