Since the launch in June last year of rival Apple Music, music streaming service Spotify has seen a faster pace of growth, a top executive said.

Despite increasing competition and, so far, a lack of profits, Spotify, which was created in Stockholm 10 years ago, now boasts of having close to 100 million users in more than 59 markets.

“It’s great that Apple is in the game. They are definitely raising the profile of streaming. It is hard to build an industry on your own. Since Apple Music started we’ve been growing quicker and adding more users than before,” Jonathan Forster, a vice president and one of its first employees, was quoted by Reuters as saying in an interview.

“It would be terrible if we were just taking each other’s users or to learn there was just a ceiling of 100 million users – I don’t think that is the case,” said Forster.

While Apple Music has reported having 13 million paying subscribers since its launch last year in over 100 countries, Spotify now has 30 million paying users, making it the market leader in music streaming.

With players such as Pandora Media Inc and newer rivals such as German start-up SoundCloud and U.S. music producer and rapper Jay Z’s Tidal, the company is facing competition on more fronts than just Apple. Meanwhile Alphabet Inc’s Google is competing with both YouTube and Google Play Music.

Having multiple streaming services was not sustainable in the long run, Forster said.

“My Internet history would tell me that there’s probably not going to be that many significant players, and then maybe smaller niche cases … maybe there could be a classical music streaming service. It’s a hard business,” he said.

Forster said future purchases would be on a similar scale to its recent deals in order to bring on new teams and technology, when asked about acquisition possibilities.

“I wouldn’t be surprised to see Spotify continue to invest in areas that are relevant or adjacent to our business,” he said.

While Spotify will hunt for other income in areas such as concerts, merchandising and video, the revenues will continue to come largely from subscriptions, Foster said adding that the company was “not trying to be a Netflix”.

A new video offering which will include exclusive content, like short, behind-the-scenes videos of artists was launched by the company very recently.

Having said in March that it had raised $1 billion in convertible debt from U.S. firms TPG Capital and Dragoneer Investment Group, Spotify has no intention of slowing its pace of expansion.

Despite its user growth the company’s conversion rate for turning new users of the advertising-based service into subscribers, had held up at 25 to 30 percent, Forster said. This according to him was reassuring.

“That should have a negative effect on the conversion rate but it hasn’t,” he said.

(Adapted from Reuters)