In Spotify’s first earning report as a public company, the company is boasting 75 million paid subscribers. Previously, we know that the company had 170 million monthly users, but didn’t know additional details. The company made its New York Stock Exchange debut last month through a non-traditional listing.

While the company has said that it could each 96 million paid subscribers by the year’s end, it’s still bleeding money because it’s spending more than it’s bringing in. For Q1 2018, Spotify’s operating losses were down from Q4 2017 (€41 million down from €87 million). The company is hard at work to close the gap, but frankly, the more it tries to close it, the harder it will be.

On the investor call after the earnings report, Spotify said that it isn’t really concerned with Apple Music’s projected growth. Apple Music recently hit the 40 million mark and is slated to catch up to Spotify by the year’s end. While not worried, the company also added that it sees room for multiple services in a growing market and doesn’t expect to see Apple cut into its subscriber base.