Wednesday, May 29

Spotify Sees the Number of Subscribers Grow Considerably Again

Streaming service Spotify has again brought in more paying subscribers in the last quarter of 2020. Since the start of the corona pandemic, that number has risen sharply because people are much more at home.

 

In total, 10 million paying subscribers were added in the past quarter to 155 million.

The number of people who were active on the streaming platform every month increased by 27 percent compared to a year earlier. In total, 345 million people listened to music or podcasts monthly via Spotify in the fourth quarter of last year. In India, the number of users grew faster than expected due to a marketing campaign.

Spotify’s revenue increased 17 percent year over year in the fourth quarter. Nevertheless, the company recorded a loss of 69 million euros. For the full year, the net loss even tripled to 581 million euros.

The company, which is based in Stockholm but is listed on the New York stock exchange, hopes to limit the operational loss to 200-300 million euros this year. Last year this amounted to 293 million euros.

Spotify has been heavily investing in podcasts lately, with hundreds of millions of dollars in investment. Another deal was announced in December with Britain’s Prince Harry and his wife Meghan’s podcast production company.

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