Spotify tops 10 million paid subscribers

Music streaming service Spotify confirmed it has topped 40 million active users, and the number of users paying for a monthly subscription topped 10 million.

Since launching six years ago, Spotify users have streamed 12 billion hours of music and created or updated 5 million playlists per day.

"We're widening our lead in the digital music space and will continue to focus on getting everyone in the world to listen to more music," says Spotify CEO Daniel Ek.

By comparison, Spotify's chief rival in the streaming music space, Pandora, boasts 76 million active listeners as of April.

Earlier this year, Spotify dropped caps on non-paying members for streaming music for several hours. This preceded a switch allowing users on smartphones and tablets to access Spotify for free.

Spotify seems to have solidified itself as a top service in what's becoming a crowded space with competitors such as Rdio, Rhapsody, Last.fm, Beats Music and Apple's iTunes Radio.

Apple has reportedly reached a deal to purchase Beats Electronics for $3.2 billion, which could potentially bolster its streaming music offering.

Follow Brett Molina on Twitter: @bam923.