Spotify Reports Solid Growth Through Q2 2020

Spotify just released their Q2 earnings and they’re impressive. They now have 299 million monthly active users (MAUs), 29% growth year over year – 5% growth over the quarter.

Spotify explained that they did see more negative than expected results in Q1, due to the pandemic, however that has turned around and now they’re expected to fully hit their forecasts through the end of the year.

At the end of Q2, Spotify had 138 million premium subscribers, a growth of 27% Y/Y (slightly beating analysts’ expectations). They noted that their family plan continued to be a significant driver.

Another key factor Spotify pushed in the report was their expansion into 12 new European markets, now resulting in a total of 92 markets.

Total revenue for the streaming giant was 1.889 million euros, a growth of 13% Y/Y in Q2.

Ad-supported revenue fell 21% Y/Y as a result of COVID-19, but was slightly above their expectations. The quarter started off particularly slow but improved steadily with momentum in June overcoming the weakness early on.

A large part of Spotify’s recent growth is due to the significant amount of people staying home. Growth through podcasts, which has been a focus of Spotify’s as of late, has surged. The reasoning behind this has to be linked with the decrease in radio listenership. Many people are not driving, therefore not listening to radio and instead exploring the plethora of podcasts on Spotify.

You can read through the detailed report here




Call Of Duty Warzone Just Added Music From Skrillex, Tiësto, DMX + More

Call of Duty today released season 6 for Modern Warfare, bringing a whole new battle pass for Multiplayer and Warzone.

Related Stories

The Global Recorded Music Industry Saw $20.2 Billion In Revenue In 2019

According to the latest IFPI Global Music Report, the total global revenue for the recorded music industry hit $20.2 billion, up 8.2...

7 Reasons Records Is The Newest Label Coming Out Of Lucky Ent

Australian brand Lucky Ent, who are an all rounder when it comes to the music industry in Australia - have just...

Laidback Luke Launches New Interview Series: ‘Late Night Luke’ feat. Afrojack, Dash Berlin, GATTÜSO & Lady Bee

Amidst all DJ's being on the sidelines, Laidback Luke has launched a new interview series. The first iteration kicks off with a...