Spotify just posted its biggest-ever quarterly profit
Ever since Spotify went live in 2008, the company has played the long game, convincing investors to stick with it through years of losses as the new streaming business found its financial footing. Billions in losses later, things may slowly be getting better. Spotify announced today (April 23) its biggest-ever quarterly profit with its latest financial report.
Here are some highlights:
- The company now has 615 million monthly active users.
- Of that, 236 million pay for a subscription. That’s up by 3 million from the last quarter.
- North America has the biggest share of paid subscribers (27%) followed by Latin America (22%)
- Revenues were up 20% year-over-year to US$3.88 billion.
- The company reported a net profit of €168 million for the quarter.
- Podcasting was a bit part of all this. The company says that that “podcast advertising revenue grew faster than music.”
- Spotify predicts another new 16 million monthly users will come on board in Q2, including 6 million paying subscribers.
- Spotify has 7,721 employees globally.
