Spotify had rocked the music streaming industry after hitting 50 million subscribers. The company announced this feat on Thursday via a tweet. The music streaming provider earned this huge number of subscribers in just about five months. 

On Thursday, Spotify tweeted that it now has 50 million paying subscribers, after adding 10 million new members in just five months.

This rise indicates that consumers prefer to pay a fee for all-you-can access tunes, instead of buying music outright.

Spotify and Apple Music are two of the biggest names in the music streaming industry. While Apple Music depends on hefty marketing and private sourcing of hit albums, Spotify uses a pricing strategy to entice to attract customers to its unique, ad-supported service.

Apple Music stated that in December it hit 20 million subscribers after adding three million new users in three months. However, last month, Apple executive Eddy Cue said the company was "well past" the 20 million mark, according to Mail Online.

On the other hand, Jay-Z, a hip-hop mogul and co-owner of the streaming service Tidal, claims that the subscription service has three million members. However, there have been speculations that Tidal inflated the number of its subscribers. A record executive claimed that it had only approximately 850,000 subscribers.