Well that was fast. Just two weeks shy of a year after launching in the US, Spotify has already become the number-two revenue generator for record labels, behind iTunes.

Spotify has exploded in the last year with 23 million people now streaming each month. For comparison’s sake, that’s the same number of US subscribers Netflix announced last year, having already been around 14 years.

Of course, most of Spotify’s subscribers aren’t paying customers, and it’s not clear how much they’re making in ads. And the company has taken a lot of flak for not compensating independent labels and artists with the same equity they do the majors. One infographic calculates that an independent artist would need to rack up four million plays every month to earn $1,160 per month. Ane some major artists, most recently The Black Keys, have refused to stream new releases on the platform.

Still, Spotify’s stake in music has become so undeniable that HUH mag speculates Apple may soon launch a streaming competitor, compatible only on iOS devices.

Looks like we’ve officially entered the post-download era.