May 21, 2014 - 17:39 AMT
PanARMENIAN.Net - Spotify AB has more than 10 million paying subscribers and more than 40 million monthly active users, the company said in a rare update of its usage data on Wednesday, May 21, according to the Wall Street Journal.
The Anglo-Swedish company hasn't officially updated its usage numbers since March last year, when the company said it had more than six million paying users and more than 24 million active users.
Part of the increase in usage is a result of Spotify's rapid and costly international expansion. The company, which was founded in 2006 and rolled out its music subscription service in 2008, has more than doubled the number of markets it is available in over the course of the past year—to a total of 56 markets world-wide.
It has also expanded its free, advertisement-based service, aimed at younger buyers looking to access music online without paying. In a funding deal in November last year, Spotify was valued at more than $4 billion, people close to the situation said at the time.