What you need to know
- Spotify has today posted its latest financial results.
- It now has nearly 300M monthly active users.
- It also has 138M paying subscribers.
Spotify has today posted its latest financial results, confirming that it now has nearly 300 million monthly active users and 138 million paying subscribers.
As mentioned, the results show Spotify now boasts 299 million monthly active users, a 29% increase on last year. It also now has 138 million Premium Subscribers, up 27% on this time last year. Both of those figures meet the top end of Spotify's Premium guidance.
Reflecting on the pandemic, Spotify says that listening activity has now returned to pre-COVID levels everywhere except in Latin America, where listening is down around 6%.
Despite growing figures, Spotify's ad revenue fell by 21%, as COVID-19 continues to impact the sector. As CNBC notes, Spotify made a net loss of around 356 million euros, worse than analysts had feared. This wider loss was "due mostly to social charges", taxes paid in Sweden. Spotify says the "higher-than-expected" charges relate to strong gains in Spotify's stock price and came in 126 million euros higher than planned. Spotify is required to pay a 31.42% to the Swedish government on any profit an employee makes when exercising stock options or vesting restricted stock units.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9