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Spotify is officially smashing Apple Music

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Listening to Spotify right now? So are around 100 million other people. 

The Swedish startup has revealed to The Telegraph that around 30 per cent of its 100m monthly users are paying a full subscription rate (£9.99), helping revenues grow 80 per cent in the last year to €1.95bn (£1.5bn). 

Meanwhile, Apple's rival Music service is pegged at a far smaller figure: a year after it's launch Apple Music has revealed it has 15 million paid subscribers. 

Elsewhere in the world of music streaming, Tidal crawled to one million subscribers back in October 2015, while Deezer looks after some 15 million monthly active users, of which six million are paying subscribers. 

With its swelling subscriber numbers, Spotify has now been valued at $8.5bn (£5.8bn) - making it the most valuable startup in Europe. 

It's music to Swedish investors' ears.

[Via: The Telegraph]

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