Spotify has been continuously registering an increase in the number of paid subscribers. The music streaming company now has 172 million paid subscribers. This is up by around 19 percent when compared to the same period last year. Also, the number of paid subscribers has seen an increase of 4 percent when compared to the previous quarter. In the last quarter, the number of paid subscribers was 165 million. The streaming platform has also seen an upward trend in terms of monthly active users. The number of active users in this quarter is 381, which is up from 365 million active subscribers in the last quarter. These figures are in line with what the company we’re expecting in the third quarter.
The growth shows that Spotify continues to be the biggest music streaming platform in the world. Although its competitors Apple Music and Amazon Music are not very regular when it comes to releasing the number of subscribers, data collected by Music Ally has put their subscriber counts at 55 million and 60 million respectively. This is not even half of the number of subscribers Spotify has. Moreover, the company has announced that it is expecting to cross the 400 million monthly active users mark by the end of this year. Also, the company is hopeful of having 177 million premium subscribers at the end of the above-mentioned period.
The other notable thing is that the average revenue per user has increased to USD 5.03 from USD 4.98 in the last quarter. This is equal to a 4 percent year-over-year increase. The average revenue per user has increased as a result of price increases from the company. Overall, Spotify has registered a profit of USD 2.23 million in this quarter. Whereas in the same quarter last year, it had registered a loss of USD 117.3 million. Podcast advertising revenue has also contributed to revenue growth. This has increased to 13 percent from 10 percent of total revenue. The company too has said that it has seen an increase in the number of users engaging with podcasts. The amount of podcasts on Spotify has increased to 3.2 million from 2.9 million. Spotify claims that it is now the number one platform for podcasts in the United States.
