Digital music service, Spotify has announced that it now has 320 million users and 144 million paying subscribers. The revelation came during the company’s third quarter earnings announcement. Spotify praises its launch in Russia has been the reason for this boost.
According to the its third quarter 2020 earnings report, its 320 million monthly users represents a 29 per cent year-over-year increase. Also, its 144 million subscribers represent a 27 per cent year-over-year increase. In 2019, Spotify had 113 million subscribers and the figure was 87 million in 2018.
The music streaming company has come a long way from its 2017 150 million monthly users. In 2020, Spotify launched its services in Russia and this likely accounts for its major boost. The company had called its Russia debut ‘most successful new market launch’.
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Additionally, it offers services in other regions that it had not been available in before. For example, it runs an O&E programming in the Philippines, taking nine exclusive top shows. Also, it debuted local adaptations of six Parcast franchises to new markets including Horoscope Today in India. Spotify has an exclusive League of Legends Esports partnership with Riot Games among several other services.
However, the company made a loss of $118 million in the third quarter of 2020 despite increasing its number of users. This may be because Spotify has been offering users discounted plans to encourage them to patronise it. It may also be why revenue it makes per user dropped by 10 per cent during this quarter in discussion.
Yet, it leads its competitors by a wide margin. Apple Music’s 60 million paying subscribers and Amazon’s 55 million customers do not come close to Spotify’s numbers.
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