The popular streaming music service known as Spotify reached a new milestone today by claiming 1 million paying subscribers. Nearly two years ago, Spotify was celebrating 1 million registered users. That number has since grown to 10 million, and not a single one resides the U.S. as Spotify continues to struggle with making its service available around the globe.
Spotify is available in Finland, France, Norway, Netherlands, Spain, Sweden, and the United Kingdom. Noticeably absent is the U.S., though service could be headed stateside before long. According to recent reports, two of the four major U.S. record labels -- EMI and Sony -- inked deals with the Swedish streaming service. It's believed that Spotify needs to get one more major label on board to make a U.S. launch imminent.
Whether sooner or later, it's really just a matter of time. Spotify, which is valued at over $1 billion, has raised $113 million and is believed to be getting another $100 million or so, Gigaom.com reports. With that kind of funding and increasing membership, the service is fast becoming too large to ignore, a big reason why EMI and Sony are now on board.