Milestone represents 15% of subscriber base

Following several reports suggesting music streaming service Spotify is nearing a US launch, the company has announced that it has surpassed a million paying subscribers. The number alone is significant, but when compared to the total number of active users, which has reached seven million, the achievement means that 15 percent of the subscriber base is now paying for access to the company's range of music content.

Sources recently claimed the European company was ready to finalize an agreement with Universal, a move which is considered to be one of the most significant steps toward an effective US debut. Separate agreements are said to have been established with labels EMI and Sony, though the involved companies have yet to publicly confirm such talks.

Although Spotify has expressed strong desire to enter the US market, its ability to sign deals for content was believed to have been hindered by labels' fears that users would be unwilling to pay for the service. Record companies' fears may also be assuaged by the growth statistics, which suggest the number of paid subscribers is currently growing at twice the rate of free users.

Despite the number of reports pointing to an imminent US launch, Spotify has yet to commit to a specific time-frame. [via Wall Street Journal]

By Electronista Staff