Spotify just announced that it now has 72 million paid subscribers and 381 million monthly active users, which is a 19% year-over-year increase. This suggests that Spotify is currently leading the global music streaming industry.
Moreover, in this quarter, Spotify’s average revenue per user increased to around $5.03, which is a 4% year-over-year rise. The company also managed to recover a loss of €101 million from the previous year, with a profit of €2 million up.
In addition to this, Spotify’s podcast service contributed to the rise in the company’s total revenue, as its podcast audience continues to grow. Spotify’s podcast share of overall consumption hours reached an “all-time high” this quarter. There are now 3.2 million podcasts on Spotify and it has become the number one platform for podcasts used the most by US listeners.
We became the #1 platform for podcasts that U.S. listeners use the most, according to Edison Research and our own internal data; we launched podcasts in additional markets and more. Find more information about $SPOT Q3 2021 here: https://t.co/BV6CqbCLC3 pic.twitter.com/Xa7DgYh4Qu— Spotify News (@SpotifyNews) October 27, 2021
The rise in numbers for Spotify is surprising, considering that the platform didn’t put out much for its users this quarter, except for some minor tweaks to its service.