Swedish streaming music service Spotify confirmed to The Telegraph it has reached a major milestone of 100 million monthly active users, with nearly 30 million of those users being paying subscribers, with the rest using its ad-based service.

The eight-year old company is now the world’s largest streaming service, and according to tech investment bank GP Bullhound is Europe’s most valuable startup, valued at $8.5 billion, surpassing Skype.

Spotify is seen as competitor to Apple Music, which earlier this month at WWDC confirmed 15 million paid subscribers, achieving these numbers in less than one year’s time.

Back in January, Apple announced its streaming music service hit 10 million subscribers, a number which took Spotify six years to reach.

Apple is set to revamp Apple Music once iOS 10 releases publicly this fall, with a new design and improved curation.

Back in May, Spotify upgraded its family plans globally, allowing up to six accounts for $14.99 per month, but excluded Canada in roll out. Right now, the company is offering three months of its premium service for $0.99 CAD per month (until the end of June), then back to $9.99 per month.