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Spotify celebrates its ‘100 million premium users’

The music streaming app Spotify just hit another milestone on its users as Q1 fiscal financial report shows great results.

Spotify has proven why they are currently on the list of the “biggest” music streaming service in the world. Launched in 2008, Spotify now has over 217 million monthly active users including 100 million paying subscribers or the ‘premium users’.

Spotify’s monthly active users (MAU) jump 26% and its premium users jumped 32% compared to its previous quarterly report.

Spotify Q1 report featured image
Credits: www.busisnesswire.com
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Credits: www.busisnesswire.com
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Credits: www.busisnesswire.com

 

 

 

 

 

Spotify’s Q1 report clearly dominates its rival Apple Music, which has 50 million paid users, when it comes to global paid users. However, Apple music is still leading in the US having 28 million subscribers compared to 26 million of Spotify.

Spotify also said that it has more than 2 million additional subscribers from India despite launching the app later in February.

 

Nicholas Hyett, an equity analyst at Hargreaves Lansdown said, “With customers outside Europe and the Americas accounting for just 10% of subscribers, the potential in cracking such a populous and potentially high-growth country would be huge.”

“With rivals of the calibre of Amazon and Apple, Spotify can’t afford to rest on its laurels, but so far the group seems to be more than capable of holding its own,” he added.

Spotify’s total Q1 revenue also jumped 33% (€1,511 million).

Despite all the jumps in numbers, Spotify’s profit is still money. The company reported a profit loss amounting to €142 million ($158 million). Compared to €442 million ($493 million) profit made in December 2018, Spotify obviously loss a large amount in their profit.

Spotify said that they are expecting 222 to 228 million users by the end of Quarter 2. Within these numbers, the music streaming app expects to have 107- 110 million premium users.

See full Q1 report here: https://www.businesswire.com/news/home/20190429005261/en/

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