What you need to know
- Spotify has published its Q3 financial results.
- In the report, it claims to be adding twice as many subscribers a month compared to Apple.
- Also says monthly engagement is 2x higher.
Spotify's financial results for Q3 of 2019 have revealed that the service is adding roughly twice as many subscribers every month compared to Apple Music.
As reported by Business Wire, Spotify's total monthly active user base grew to 248 million, up 30%. But, where it gets interesting for Apple is in the 'competition' section of the report:
We continue to feel very good about our competitive position in the market. Relative to Apple, the publicly available data shows that we are adding roughly twice as many subscribers per month as they are. Additionally, we believe that our monthly engagement is roughly 2x as high and our churn is at half the rate.
The report does cite "publicly available data," so this might not be quite right depending on what Apple reports of its own Q3 performance on Wednesday, October 30. If it chooses to disclose Apple Music's performance at all that is. Not only is Spotify adding more subscribers, these subscribers are engaging with Spotify more often too.
It was reported in June this year that Apple Music had achieved 60 million subscribers. Whilst that number has undoubtedly grown, it seems that at least according to Spotify, Apple Music simply can't keep up with the streaming juggernaut.