Spotify grew by 10 million subscribers in the first half of this year

Spotify grew by 10 million subscribers in the first half of this year.

The Swedish streaming giant gained approximately 10 million premium subscribers between January and the end of June 2024. This growth was split into three million new subscribers in Q1 and seven million in Q2.

The news was reported by MusicBusinessWorldwide, who also noted that Tencent Music Entertainment (TME), China’s largest operator of music streaming services, added 10.3 million paying subscribers since December 2023.

TME, which operates the QQ Music, Kugou and Kuwo platforms, as well as the karaoke app WeSing, had 117 million paying users of its online music platforms by the end of June — roughly half the number of paying users Spotify has.

The new figures come less than a month after Spotify reported record-breaking profits and a significant increase in subscribers in its latest quarterly report.

This report follows Spotify’s decision to raise its premium prices in several regions in April and in the US in June. During the second quarter, the company also introduced its Basic plan in Australia, the UK, and the United States, offering ad-free music listening with a limited audiobook listening time.

Last month, it was announced that Spotify is reportedly planning to introduce a new, more expensive subscription tier featuring high-fidelity audio.