Spotify is the first music-streaming service to reach 100 million monthly active users, the company confirmed to The Telegraph today. The announcement comes three months after the service reached 30 million paid subscribers and raised $1 billion in debt financing for its fight against Apple Music.
The streaming service has also become the biggest European startup around, according to investment bank GP Bullhound, which values the company at $8.5 billion. But despite the lofty valuation and strong user totals, Spotify will have to increase its growth rate to hold off the push from Apple Music, at least when it comes to users who pay for streaming services. Apple Music picked up 15 million paid subscribers in just under a year, while Spotify has been picking up an average of 10 million paid subscribers per year since 2014.