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Spotify Reaches 3 Million Subscriber Milestone

Spotify has announced that it now has 3 million subscribers - indeed a remarkable achievement by the Sweden based digital music service.

The accomplishment was revealed by Spotify's chief content officer Ken Parks at an industry event hosted by Universal Music UK's Kensington offices.

Spotify announced last November that it had surpassed the 2.5 million paying subscribers milestone.

Three million paying subscribers means one in every five of Spotify's customers are paying for premium services offered by the company. The ratio of paying to total subscribers has undergone a 5 percent increase since March of last year.

"We have achieved some pretty great results in terms of the ratio of paid users," said Parks in an exclusive statement to the Financial Times.

"We have an enormous internal effort to drive conversion and engagement with the service. We are very focused on growing in our existing 12 markets as well as expanding in other markets," he added.

Spotify allows users to access music by offering an extensive range of major and indie record labels including Sony Music, Universal, and Warner Music Group.