Spotify is on the verge of hitting 30m subscribers – and is making sure it surpasses the milestone with ease.
The Swedish streaming service has launched arguably its most tempting promotion for new subscribers yet.
Until next Sunday (February 28) Spotify Free users who haven’t tried Premium – or users new to Spotify – can buy three months of Spotify Premium for $/£29.97 and receive a Google Chromecast for free.
The offer is available in the UK and US while supplies last, but is not open to current or previous Premium subs, including people who have previously taken advantage of a promotional Spotify trial.
Chromecast, which usually retails for £30/$35, is an HDMI dongle that plugs into your TV and makes it ‘smart’, both allowing users to stream media via wifi and ‘cast’ audio and video from other devices to their television.
The Google device announced a compatibility partnership with Spotify in September last year.
Spotify’s subscriber base hit 28m at the end of 2015 – meaning it hit its highest conversion rate since launch, with approximately 28.3% of active users paying for Premium.
This figure was boosted by a major three-month global promotion from October-December last year, which gave customers three months of Spotify Premium for just $1.
MBW previously worked out that the average worldwide annual Spotify subscription in 2014 was worth €65.50.
Due to currency fluctuations and special price promotions, this was almost half the standard €120 yearly subscription fee most customers would expect to pay.
Still, if 28m people are paying that amount for Spotify right now, they will be generating €1.834bn ($1.986bn) a year – approximately 70% of which will be paid to music rightsholders.
That’s around $116m going into music business coffers every single month.Music Business Worldwide