Spotify’s second-quarter earnings report doesn’t just tell us how many people have been using the service, and how much money the company lost. The documents also show how far people have gone back to being as they were before the pandemic. According to the streaming company, a rebound to just 10% less than what it was before lockdown started – that is “in-car listening”.
And the pandemic has not really affected the company’s goal to be the first to break the coveted 300 million user mark. Spotify revealed that the total number of users has grown to 299 million, with business still flourishing as people get back to the jobs and businesses start purchasing ads again. Just to be clear, 138 million of the users are paying for Premium.
Also with the remainder making use of an ad-supported version of the platform. Spotify’s interest in podcasts is finally paying off, too, with 21% percent of its users now listening to podcasts on the platform. The number continues to increase rapidly as yearly, and so we are anxious to see the figure continue to grow across the year.
Not to mention, the rage in podcast listening is before the company’s controversial exclusive deal with Joe Rogan begins this September. The company revenue grew, but at the same rate, its losses also increased, which the company has said is down to a number of factors.
However, it blames its workers in Sweden for including to its tax burden, which I sure make them feel real larger. More importantly, however, as more families and students sign up to a group or discounted plans, the company’s average revenue per user falls.