Spotify has hit 50 million subscribers this week. The Swedish streaming giant shared the news in an Instagram post.

It reached this milestone after adding 10 million subscribers in less than six months, still staying ahead of its rival, Apple Music.

The announcement follows up on the rumoured news that Spotify is preparing to launch a new high-quality membership tier that includes premium features such as lossless CD quality audio and a discount on limited-edition vinyl.

Spotify is priced at £10 a month but it still faces competition from deep-pocketed tech giants Amazon, Soundcloud, and Google

Last month, SoundCloud also added a more affordable tier to their SoundCloud Go platform priced at £5.99 per month.

Users of SoundCloud Go will have access to over 120 million tracks offline and be able to listen to tunes without ads on desktops and the SoundCloud mobile app.

Spotify is also yet to reach a new licensing deal with record labels, analysts say. However it still continues to grow.