Spotify now has 165 million premium subscribers and 365 million monthly active users according to a new earnings report released today. It’s a year-over-year increase of 20 percent and 22 percent respectively, and above the 158 million subscribers and 356 million MAUs seen last quarter.
Rivals Apple Music and Amazon Music don’t regularly release comparable numbers, but their most recent public figures compiled by Music ally put them at 60 million and around 55 million paying subscribers, respectively.
Spotify’s interest in podcasts has shown no signs of slowing down this quarter as it has continued to make acquisitions and investments in both content and podcast technology. The company recently acquired the exclusive rights to two podcasts, Call your daddy and Dax Shepard Armchair Expertas well as the company Podz, whose technology automates the process of creating preview clips featuring key moments from podcasts.
According to Spotify, the percentage of monthly active users engaged in podcast content in the last quarter “improved modestly” compared to the previous quarter, and listening to podcasts reached an all-time high in terms of their share of hours of consumption in platform. Spotify also says that Joe Rogan’s experience “It continues to perform above expectations.” There are now 2.9 million podcasts available on Spotify, The Wall Street Journal grades, compared to 2.6 million in the last quarter.
In addition to acquiring the exclusive rights to podcasts, Spotify is also attracting other creators to its platform with paid subscription features. It announced its own podcast subscription feature in April, and yesterday said it will allow paid shows from platforms like Slate and Acast to stream through its service. Features like these should make Spotify a more attractive and profitable platform for podcast creators.
Average revenue per user for Spotify increased this quarter, reversing recent trends. The figure now stands at 4.29 euros (about $ 5.07) per premium subscriber, up from 4.12 euros in the last quarter. The increase comes after the service raised its subscription prices in the UK and US this quarter. However, the figure continues to drop 3 percent year-over-year.
Overall, the company posted a net loss of € 20 million, compared to a net loss of € 356 million it made in the same quarter last year. Executives have said the company’s focus is on growth rather than making quarterly profit, the Wall street journal You note, while the previous loss was mainly due to the taxes the company had to pay related to its Swedish workforce.
Today’s release has yet to offer more details on Spotify HiFi, the next level of lossless streaming of the service. Despite announcing the new tier in February with a tentative release date for later this year, Spotify has yet to announce an official release date or price. In the months after its announcement, competitor Apple Music announced and later released its own lossless audio streaming feature, which is available at no additional cost. (Amazon also eliminated the premium it previously charged for its own lossless streams on the same day.) Whether Spotify likes it or not, the lossless streaming market is now much more competitive than it was in February.