Company CEO Daniel Ek revealed that the streaming service now boasts more than 20 million subscribers, five million of which hold premium accounts.
More than one million of the platform's paying customers are based in the US, a figure which EK claims makes Spotify the biggest music streaming service in the country.
Moreover, Spotify's 20 million subscribers have created in excess of one billion playlists between them since the service went live in 2006.
The news comes as competition in the music streaming sector heats up, with competitor Rara breaking into new territories and launching dedicated apps, and Deezer reaching the milestone of two million users.
Spotify recently announced that it is expanding its offering to include browser-based functionality.