What you need to know
- Spotify has today announced its earnings for Q2 2021.
- The streaming platform says it now has 365 million monthly active users.
- 165 million of those are paying subscribers.
Music streaming service and Apple Music competitor Spotify has today announced that it now boasts 365 million monthly active users, 165 million of whom are paying subscribers.
In the company's Q2 earnings announcement for 2021 Spotify stated that most of its major metrics performed "better than expected this quarter", except in the all-important area of monthly active users (MAUs), where it fell short of guidance.
Total MAUs were up 22% year on year to a staggering 365 million, with the company adding around 9 million in the last three months, driving double-digit year-on-year growth in all regions.
Of that 365 million, Spotify says that only 165 million are paying Premium Subscribers, a figure that's also up about 20% year on year.
Spotify's overall Q2 revenue was just over $2.7 billion.
After diving more into the world of podcasting, Spotify says it now has nearly 3 million podcasts on the platform, and that MAU engagement with the service was up "modestly" compared to Q1, but that numbers were strong for those who did engage:
Among MAUs that engaged with podcasts in Q2, consumption trends were strong (up 95% Y/Y in aggregate and more than 30% Y/Y on a per user basis) while week-over-week and month-over-month retention rates reached all-time highs. During the quarter, podcast share of overall consumption hours on our platform also reached an all-time high.
Spotify says that it expects to break through the 400 million monthly active user milestone by the end of this year, and hopes that between 177-181 million of those will be paying Premium subscribers.