Spotify today announced a new milestone: The streaming music company now has 40 million users, 10 million of which pay up for the service.

This announcement arrives at a unique time for the music industry, as Apple has reportedly snapped up Spotify’s struggling streaming competitor — and highly successful headphones manufacturer — Beats Electronics. Fourteen months ago, Spotify announced 6 million paid users.

Get more stories like this on TwitterFacebook

Spotify is a Swedish DRM-based music streaming service offering streaming of selected music from a range of major and independent record labels, including Sony, EMI, Warner Music Group, and ... All Spotify news »

Track Spotify's Landscape to stay on top of the industry. Access the entire ecosystem, track innovation & deals. Learn more.

Beats Music is a music streaming service spun out of Beats Electronics and into its own company in early 2013. The core experience will be centered around curated playlists created by musici... All Beats Music news »

Track Beats Music's Landscape to stay on top of the industry. Access the entire ecosystem, track innovation & deals. Learn more.