Spotify passes three million paying subscribers

Streaming service now has 20% of its subscribers forking out each month

Spotify has revealed that it now has over three million paying subscribers.

The streaming service’s chief content officer Ken Parks has also revealed that over 20% of its users have now opted to pay a monthly subscription fee rather than listen for free with occasional advertisements.

Spotify‘s growth rate has increased significantly in recent months, with the service only passing one million subscribers in March of last year and two million in September 2011.

The service’s number of paying subscribers has also significantly increased in the last year. It only counted as 5% of the overall subscriber base in March 2011, but now stands at 20%.

Spotify currently costs £4.99 a month to for unlimited listening on home computers and £9.99 to use the service on mobile devices as well.

Parks also told the Financial Times that over half of the service’s subscribers were aged 30 and under.

Spotify is set to face competition from a relaunched Napster, which confirmed earlier this week that it was now operating as a legal streaming service, which promises paying subscribers access to over 15 million tracks.