The music streaming service's growth rate suggests that demand for music streaming is increasing and that Spotify has not been hit by last June's launch of Apple Music. Spotify's most recent subscriber numbers were released last June when it said it had 75m active users, of which 20m were paying subscribers. It added 8m paying users by the end of 2015 and is on course to hit 30m in the next three months. Yet in a new Financial Times report published this morning they put Spotify's subscription news into perspective for us. A performance chart, as noted below, clearly indicates that a net income for Spotify is nowhere to be seen.

Like Spotify, Apple Music is also growing rapidly. It recently hit the 11 million subscriber mark in only six months, having launched the service in 100 countries last June. Streaming is becoming the dominant form of digital music consumption and is growing as download sales decline.

Overall and in general, revenues from music streaming services exceeded $1bn for the first time, increasing 23 per cent in the first half of 2015 to $1.03bn.

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