Global music streaming giant Spotify only went public in April of 2018 and now, a year and a half later, according to their third quarter earnings report, they are doing quite well.
The most notable highlight would be the annual increase of 30% MAU (monthy active users), now hitting 248 million. Of this number, 113 million being paid subscribers – an increase of 31% year on year.
Financial numbers are solid, there are no outliers – still remaining consistent. They have put a focus on their new family plan, teaming up with AT&T, launching Spotify Lite as well as their significant investment into podcasts.
Noted in the report is their new cost per click system, open to selected partners in the US. Called ‘Sponsored Recommendations’, the system aims to leverage their listener graph of music tastes to promote new releases to free and paying users.
Their Q4 outlook is understandably to surpass 250 million MAU’s, with an aim to reach between 255 and 270 million MAU’s.
You can view an overview of the news below, or examine the full report here