In the second quarter, Spotify’s premium subscribers grew to 188 million and monthly active users reached 433 million. reported company in today’s financial report. This is 14 and 19 percent more than last year, and is comparable to the figures of 182 and 422 million, which the company reported last quarter. Spotify says active user growth was the largest in the company’s history in the second quarter and exceeded its forecasts.
These revenues came at the end of a quarter in which Spotify’s entry into the podcast market has struggled.
One of the biggest podcasts, Reply All, released its final episode on June 23 after co-hosts Alex Goldman and Emmanuel Zoci decided to leave production company Gimlet. Meanwhile, the Obamas, who signed a high-profile deal with Spotify in 2019 to produce their own podcasts, recently decided not to renew it and will instead work with rival platform Audible.
Spotify is still one of the biggest podcast platforms, thanks to shows like The Joe Rogan Experience and newer hits like Breaking Bread, and the number of podcasts available through its service continues to grow. However, the company sees audiobooks as the next big growth driver. It acquired the Findaway platform last year, and Spotify CEO Daniel Ek called audiobooks a “huge opportunity” for the company.
Spotify posted a €125 million (about $127 million) loss this quarter, although it prioritizes subscriber growth over quarterly profits. The average revenue per user is now €4.54 (about $4.60), down from €4.38 (about $4.44) last quarter.
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