Spotify Users Top 299 Million As Net Loss Jumps
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.
Net Loss Jumps
But Spotify’s bottom line was devastated by a 48% increase in operating costs related to stock-related compensation charges, and ad revenue fell 21% due likely to the coronavirus pandemic. The decrease was not quite as bad as the company had forecast.
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.