Yes, you read that headline correctly. Spotify now has 140 million monthly active users, which is up from the 126 million users on the streaming service last year. (If you're wondering, Mexico's population is currently 127 million.)
According to the company's annual financial statement, Spotify's revenue grew by 50% in the last year, totaling $3.3 billion. To further this massive success, the company plans to shell out $2 billion to record labels over the next two years to expand its catalog and give users access to the newest releases. Making deals with these companies — like the one recently inked with Universal Music Group — will provide Spotify members with much more content and likely entice others to sign up for the streaming service.
It's unknown how many of the service's 140 million users are currently paying — and thus how much of this growth can be attributed to an increase in Spotify Premium subscriptions, but it was reported in March that Spotify has 50 million paying subscribers. This number is impressive, but it's expected to get even bigger in the next year. Forbes predicts that Spotify will have 70 million paying users by early 2018.
Spotify's massive growth is unparalleled, as its closest competitor — Apple Music — only has 27 million users. Its monopoly on streaming plus Taylor Swift's recent return to the service means that Spotify's future could be very, very bright.