Spotify's global head of creator services, Troy Carter, told music magazine Billboard in an interview that the Swedish-born company had hit the 39 million paying subscribers mark.

Its closest competitor, Apple Music, announced 15 million subscribers in June.

Streaming has been rapidly growing in recent years and transforming the music industry, with a growing number of rivals, including Apple and Tidal, seeking to challenge Spotify's early dominance by offering exclusive release deals.

But Carter told Billboard that it was not an option the Swedish market leader was looking at, saying “exclusives are bad for artists, bad for consumers and bad for the whole industry” and arguing the practice pushes fans to turn to pirate sites.

“I was brought on board to strengthen the bridge between Spotify and the music community,” he said.

Spotify remains a private company under the control of its founders, Daniel Ek and fellow Swede Martin Lorentzon, and has financed its commercial push on its own through investors.

But it has yet to turn a profit, with losses last year growing faster than its income.