Spotify hits record 300 million premium subscribers

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Set us as preferred Spotify has officially hit a new record with 300 million premium subscribers.In its second-quarter earnings report Tuesday, the Swedish streamer called it a “milestone no audio streaming service has ever reached.” Spotify said premium subscribers grew 9% and its monthly active users climbed 12% to 777 million.Total revenue increased 14% to €4.8 billion (roughly $5.5 billion).“We have a scale that few companies in history have reached, a business that is healthy and compounding, and opportunities only we are positioned to pursue,” Alex Norström, Spotify’s co-chief executive, said in a statement.

“Spotify lives across your whole day — the commute, the workout, studying, gaming, the dinner table, and sleep.At our scale, that is rare.”Spotify also announced a new AI deal in a press release on Tuesday with the digital music licensing company Merlin.

The partnership will enable artists across the 30,000 labels in Merlin’s network to participate in Spotify’s upcoming AI tool.It hasn’t launched yet, but the goal is to let fans create AI-generated remixes and covers of existing songs on the platform.

Hollywood Inc.Mark Kratter, a Connecticut-based musician, is suing Spotify for engaging in what he alleges are “unfair business practices.” The complaint claims that streaming metrics have been altered to prioritize major artists and labels above smaller indie musicians.“This agreement with Merlin ensures participating artists are credited and compensated, and that every creation drives listeners back to the original work,” Charlie Hellman, Spotify’s global head of music, said in a statement.

“We’re proud to extend this model to the independent community, and we look forward to welcoming more partners as we continue to build.”Looking beyond its latest AI partnership, the com...