Since launching in June of 2015, Apple Music has consistently trailed behind Spotify in terms of paid subscribers. And even though Apple Music quickly amassed millions of new users, Spotify over the past two and a half years has done an impressive job in its own right of significantly bolstering its own user base.
Even today, Spotify has nearly twice as many paid subscribers as Apple. Last we heard, Apple Music currently boasts 36 million paid subscribers while Spotify earlier this year indicated that it now boasts 70 million subscribers. As a quick point of interest, Spotify over the past seven months alone managed to increased its user base by an impressive 16%.
All that said, a new report from The Wall Street Journal relays that it may just be a matter of time before Apple Music manages to catch up to, and perhaps surpass, Spotify. Though Spotify currently has 34 million more subscribers, the Journal claims that Apple Music is now growing at a significantly faster rate.
Apple’s Apple Music streaming service, which has been No. 2 in U.S. subscribers behind Spotify AB, is quickly gaining ground against its rival and may overtake it this summer.
Apple Inc.’s Apple Music is adding subscriber accounts in the U.S. at a higher rate than Spotify, and is on track to pass the No. 1 streaming service this summer, according to people in the record business familiar with figures reported by the two services.
The report specifically claims that Apple Music has been growing at about a 5% clip every month compared to Spotify which is reportedly growing at a 2% clip every month.
Incidentally, word of Apple Music gaining ground on Spotify comes at an interesting time for the Swedish based company given that it’s planning to go public later this year.