Spotify Users Top 299 Million In Q2 Report
Spotify users topped 299 million including 138 million paid subscribers, up 13 million and 8 million respectively in the last 3 months.
In a sign that fans are increasingly looking beyond global hits. the number of artists that account for the top 10% of Spotify streams has passed 43,000, up 43% from a year ago.
Consumption hours returned to pre-COVID levels with podcast consumption growing at triple-digit rates. 21% of Spotify MAUs now come from podcasts.
Advertising revenue improved throughout the quarter and outperformed the company’s forecast. But Spotify’s operating loss was much higher than expected due to “social costs.”
During the quarter, Spotify launched in Russia and 12 other markets in Europe, and signed an important multi-year agreement with Universal Music Group.
Read the full report here.
Bruce Houghton on 07/29/2020 inMusic Business
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