Spotify isn’t turning a profit, but it’s still keeping Apple Music at arm’s length

Last week marked a new milestone for Spotify, as the music streaming service announced on Twitter that it had reached 50 million paid subscribers.

That’s good news for Spotify, given that it’s the fastest amount of time in which the Swedish company has added 10 million paying listeners. But it’s particularly encouraging when you consider how Apple has had it directly in its crosshairs for the past two years.

As this chart from Statista shows, despite Apple fast-tracking Apple Music to every iPhone owner, Spotify has managed to grow right alongside its chief rival every step of the way. As of last December, Apple Music has 20 million paid users — though it wouldn’t be surprising to see Apple flaunt another milestone sometime soon.

While Spotify seems to be doing a good job of corralling the many music streaming converts, it’s worth noting that the streaming service still isn’t profitable. The company could turn that around in the near-future, but it won’t be a problem for Apple anytime soon.

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