Apple certainly made waves earlier this week when the company announced that it would be launching its own music streaming service, Apple Music, later this month. However, Spotify appears to be more than ready for the competition, based on its recent announcements.

According to VentureBeat, the company has revealed that it now has 20 million paying subscribers on its service, out of the total active user base of 75 million people. That means almost a third of those who use the service pay for it to some extent.

This is a huge increase over the numbers that were reported earlier in the year, with five million more paid subscribers and 15 million regular listeners. And it’s a huge jump from the ten million paid subscribers the service had last year.

The company has learned quite a bit from the streaming music business, including expanding to new channels, such as the PlayStation 4 game console. That, along with the fact that it has now paid more than $3 billion in royalties to artists and rights holders, indicates that it’s more than ready for whatever Apple Music intends to throw at it.

On top of that, it has some funding to back it up. It was reported (via the Wall Street Journal) that Spotify has acquired $526 million in funding, giving the company a total overall value of $8.53 billion, and doubling its overall funding since its creation (back in 2006) to over $1 billion. Companies taking part in the investment include Halcyon Asset Management, GSV Capital, Technology Crossover Ventures, Northzone, Goldman Sachs, and P. Schoenfeld Asset Management.

One thing worth noting with paid subscribers is that the number has risen quite a bit when it comes to measurement of the paid-to-unpaid ratio. In previous times, it sat firmly at 25 percent, but that number has now risen to 27 percent, indicating that there’s more interest in subscribing to its services (and thus eliminating ads in the process). Though it’s only a slight increase, it’s still an increase nevertheless.

Now it’s just a matter of time to see just how well the company fares against Apple’s service. It certainly seems more than ready for it.