Spotify Ready to Go to Battle With Apple Music

Spotify releases paid subscriber numbers as it receives huge new investment.

Spotify announced today it has 20 million paid subscribers to its streaming service and 75 million active users. Paid subscriptions, which start at $9.99 per month, are up 100 percent from last year, according to data from Spotify.

Spotify closed a $526 billion fundraising round this week, according to the Wall Street Journal, citing a person familiar with the matter.

One of the biggest investors in the fundraising round is TeliaSonera, a Swedish telecommunications company, which announced today a $115 million investment in Spotify in exchange for a 1.4 percent stake in the company.

Both companies plan to work together on new media distribution, analytics and advertising plans, according to a news release from TeliaSonera.

Whether Spotify can continue to grow will become more apparent after Apple -- perhaps the most formidable competitor any company could face -- launches Apple Music later this month.

An estimated 41 million people paid for a streaming music subscription service in 2014, according to IFPI, a London-based recording industry trade group that represents more than 1,300 record labels.

Starting on June 30, Apple Music users can get a 3-month free membership, after which a $9.99 per month subscription fee will apply. There will also be a family plan providing service for up to six family members available for $14.99 per month, undercutting the competition.

Apple's huge advantage: With more than 800 million iTunes accounts, Apple Music has the opportunity to quickly amass a following.