Spotify touches 10 million global paid subscription mark

The number of Spotify paid subscribers have reportedly jumped to 10 million worldwide, following an increase in mobile usage.

According to The Hollywood Reporter, the rise in the number of paid subscribers notes a major landmark number for the music industry as it looks to monthly streaming services as the future of the business.

Meanwhile, Spotify's growth in the US market has grown substantially with three million paid subscriptions in less than three years.

Sportify's chief executive Daniel Ek said that this shows that the company's conversion rate is working, adding that Sportify is proving the more people play, the more they'll pay.

Ek said the recent rapid growth with Spotify was fueled by the roll-out of its free mobile service in December and more than 80 percent of all subscribers that sign up now do so through mobile phones, the report added.