Saturday, 25 May, 2019

Spotify hits targets in race with Apple Music

Spotify lost a little bit of money while adding quite a few new users in Q2 Spotify hits 83 million subscribers
Guillermo Jimenez | 27 July, 2018, 15:22

While trailing well below Spotify, the tech giant's three-year-old streaming service has been expanding rapidly and is projected by many industry watchers to surpass the Swedish company in the vital U.S. market.

Music streaming leader Spotify's paid subscriptions rose 10 percent in the second quarter, thanks to family plans that attracted new users and kept them loyal as the Swedish company races to stay ahead of Apple Music.

Spotify lost a little bit of money while adding quite a few new users in Q2
Spotify grows to 83 million premium subscribers, continues losing money

Spotify shares were up by 3.2 per cent to $194 on the New York Stock Exchange yesterday, valuing the company at $34.5 billion.... It now has 180m customers and has seen a surge in subscriber growth in recent years. The Sweden-based entertainment company also started reporting its quarterly earnings back in May, revealing solid revenue numbers, but pretty hefty operating losses as well.

The increase in Spotify's paid subscribers topped expectations of analysts polled by Reuters, who had forecast a 7m rise.

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Spotify co-founder and Chief Executive Daniel Ek said the company continues to enjoy rising growth in paid and free users in the United States, while providing no specific figures.

Spotify said revenue growth was slowed by new European data privacy rules that require users to give explicit consent for certain uses of their information. During Q2 2018, the platform yielded a loss of €90 million (that's roughly $105 million) on €1.27 billion ($1.49 billion) revenues, which is forecasted to end up anywhere between €10 and €90 million in Q3, and between €20 and €100 million for the year-end quarter.

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"We did see some GDPR disruption across our European markets during the second quarter but seem to be largely past that now", the company said. "We have been doing this for years because our goal is to get as much music on to the platform as we possibly can". Apple has never disclosed a monthly-active-user stat.

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