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Spotify reaches 60m paying subscribers

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Spotify has appointed financial advisers to explore a direct NYSE listing.
Spotify has appointed financial advisers to explore a direct NYSE listing.

Spotify now has 60 million paying subscribers, adding 10 million subscribers in less than five months, a spokeswoman for the music streaming company said yesterday.

The spokeswoman declined to comment on a report in the Financial Times that the Swedish company was eyeing a listing as soon as the fourth quarter, citing people familiar with the matter.

Spotify, which recently appointed financial advisers to explore a direct listing on the New York Stock Exchange, said in June its operating loss widened in 2016 but revenue rose significantly.

In March, Spotify reported it had 50 million paying subscribers, a rise of 25% in less than six months, extending the music streaming service's lead over its closest rival, Apple Music.

Last week, Reuters reported Spotify was close to agreeing a new licensing pact with Warner Music, the last big music royalty deal it needs before pushing ahead with a US stock market listing, four sources familiar with the situation said.

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