Spotify has again grown its subscriber base, attracting 11 million new listeners in the last three months. Only four million of these new users are Premium subscribers.
This brings the total number of Spotify users to 356 million and the total number of Premium subscribers to 158 million. Either way, this is a 24 percent increase over the first quarter of 2020.
While these results may not show as much growth as some of the previous quarters, the numbers are still impressive and the company mentions that it has lowered its churn rate, so more people are trying Spotify and sticking with the platform. In his selfinvestor press release, the company attributes this to its various tiers of plans, making it easier for people to afford the software.
The streaming company also notes that podcasting advertising revenue continues to grow on the platform, which is a good sign since the company has invested so much money in the project.
Overall, it’s an impressive quarter and the company posted an operating income of € 14 million (C $ 20 million). However, the company expects to lose more than 150 million euros (C $ 224 million) or more during the rest of the year as it struggles to gain 400 million users.