Spotify blows the doors off Q1 results for 2022
When Netflix stock cratered last week after the company revealed that it lost subscribers for the first time, some were predicting bad things for Spotify when it announced its financial results today (April 27). Nope. In fact, quite the opposite.
In a report published today, Spotify says that it has now 422 million monthly active users (up 19% from a year ago) and 182 million people (up 15%) paying for the premium service. Digging a little deeper, it means that Spotify added 16 million listeners between January and March but only two million subscribers in the same period. Spotify blames that on the fact it pulled out of Russia and cut off all subscribers there in the wake of the invasion of Ukraine. That resulted in “1.5 million disconnects from the “winddown of our Russian operations.”
Revenues were US$2.82 billion (up 24% year-over-year) thanks to an increase of 23% in subscription revenues and 31% in ad revenues.
There are four million podcasts available on the platform, which is up from 3.6 million from the end of 2021.
And things look good for the future. Spotify believes it will have 428 million monthly users by the end of June.
