Spotify subscribers skyrocket in holiday season

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Spotify has reportedly captured 2.5 million subscribers during the last two months of 2014, reporting growth despite competition from rivals such as Deezer and Beats Music.

With its overall subscribers reaching 60 million, its monthly subscribers increased to 15 million, up from 12.5 million registered during November.

The music streaming service witnessed substantially faster growth during the period compared to earlier months, as it took six months to grow its subscribers base from 10 million to 12.5 million between May and November last year.

The introduction of promotional price discounts in some of its major markets, including the US, has reportedly fuelled the growth, with British students getting a 50% discount from the overall price of £9.99.

Launched in 2008, Spotify has been one of dozens of firm vying for a share in the growing music streaming market, including tech firms such as Google which added a subscription layer to YouTube in 2014.

The increasing popularity of streaming music over the internet has lead to the downfall of music downloads in 2014 for the first time, in both the UK and the US.

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