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Here’s what Apple’s new streaming service is competing against

Spotify CEO Daniel Ek speaks during a press event in New York City.
Reuters/Shannon Stapleton
Spotify CEO Daniel Ek.
By Melvin Backman
Published Last updated This article is more than 2 years old.

Just days after Apple announced a streaming music service poised to take on Spotify, the latter is making clear how big a challenge that will be.

Spotify has announced that it now has more than 75 million active users and 20 million subscribers, the latter of whom pay $10 a month to use the service. That’s up from 40 million active users and 10 million paying customers at the end of May 2014.

Separately, the Wall Street Journal has reported that Spotify raised more than $500 million this week, putting its valuation at more than $8 billion. And while industry analysts think that Apple can use its control over the iPhone and other devices to give Apple Music a head start, it’s clear that Apple has its work cut out for it.

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