Spotify Is Accepting Users Faster Than It Thought It Would

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After the shortfall back in Q1 and Q2 due to the COVID-19, Spotify witnessed a huge growth in subscriber numbers for its latest earnings period. The service now counts 320 million active and 144 million paid users, up from 299 million and 138 million last quarter, beating its own estimates.

Spotify’s lunch in Russia also helped, with the calling it the “most successful new market launch to date.” The company’s subscriber numbers tower over its closest rivals, with Amazon Music and Apple Music counting 55 million and 60 million paid subscribers.

Spotify Is Accepting Users Faster Than It Thought It Would

Pulling in €1.98 billion ($2.32 billion), or 14% more than last quarter. Moreover, it still lost €101 million ($118 million), where last year at the same time it made €241 million ($282 million) profit. That’s due to discounting family plans in some regions to attract new users, which significantly lowered the revenue per user.

On the content side, Spotify said music releases were up 13% over the last quarter, with Taylor Swift’s Folklore album setting a record for the most first-day streams by a female artist. The company now counts up to 1.9 million podcasts, up 19%, including exclusives from Michelle Obama, Kim Kardashian, and Joe Rogan.

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