Spotify grew 14% in 3 months to 433M users, revenue up 23%
[UPDATED] Spotify reported strong second-quarter user and earnings growth, beating analyst expectations. Monthly active users grew 14% to 433 million in Q2, a full 5 million users above its own guidance.
It was Spotify’s largest-ever Q2 growth and came from gains in Europe, “Gen Z strength in Latin America,” and global marketing campaigns outside of core territories.
Spotify paid Premium Subscribers grew 14% to 188 million, a gain of 6 million and 1 million above guidance.
Total revenue was up 23% to $2.91 billion. Spotify reported a net loss of $127 million for the period, versus a net loss of $20.3 million a year prior.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.