Spotify Hits 75 Million Paying Subscribers, Releases First Earnings Report Since IPO
It’s only been one month since Spotify went public, but it’s first quarterly earnings report revealed the Swedish streaming company’s status.
According to a new report from CNET, Spotify said that it had reached 75 million paying subscribers, with another 99 million monthly users on its free, advertising-supported tier.
The milestone came as part of the firm’s quarterly earnings announcement, and the subscriber base was in line with expectations. Spotify reported revenues of $1.37 billion USD for the most recent quarter and narrowed its losses. The firm expects to lose about $397 million USD this year as it steps up its expansion and competitive efforts against Apple.
“Every year we grow as a company, which allows us to make unprecedented changes to our platform, and in turn, engage more users in the magic of music streaming,” a Spotify announcement notes. “We’re excited to announce that this year is no different.”
The figures marked a growth of four million paying subscribers and nine million free users since the start of 2018.
The Swedish streaming company said that it saw particularly strong growth for its free service in emerging economies such as Vietnam and Thailand, two markets which the company recently entered. Spotify said it also was seeing “increasing momentum” in Japan – the world’s second largest music market where CDs still dominate.
Spotify’s next biggest competitor, Apple Music, said last month it had reached 40 million subscribers, up by 2 million in a little more than one month.