MUMBAI: According to IFPI’s Global Music Report, Spotify has bagged the top spot for paid subscribers, CNBC reported. The Swedish streaming service has outpaced other giants in the space like Apple, Amazon, and Google, by bagging 130 million paid premium subscribers worldwide.

Moneycontrol could not independently verify the report.

As streaming has become the preferred way to listen, Spotify has looked to expand its horizon beyond music to become an audio giant. It continues the winning streak with the acquisition of Joe Rogan's podcast, which made their stock jump 8 percent.

Spotify also has exclusive deals with Kim Kardashian and DC Comics.

They continue to have an uphill battle, the report said. This is due to music rights licences to arguments with artists demanding fair payment. In order to stay on top, they will need to innovate and be creative.