More good news for Spotify. Business Insider reports that Spotify has become the second biggest source of revenue for record labels, trailing only iTunes. Admittedly, the gap between iTunes and Spotify is large, but early investor Sean Parker believes that very soon, Spotify might overtake iTunes, saying:
“If we [Spotify] continue growing at our current rate in terms of subscriptions and downloads, we’ll overtake iTunes in terms of contributions to the recorded music business in under two years.”
Even though it’s the new kid on the block, Spotify is making a lot of moves towards cutting into iTunes’s market share.
