Spotify continues to soar as it hits 320 million active users

Spotify continues to soar as it hits 320 million active users
Spotify has long been the most popular music streaming service on the planet in terms of both premium and free subscribers. In the most recent quarter, it showed no sign of slowing down.

Spotify now has almost 150 million Premium subscribers

The Swedish company has announced today that it reached 320 million active users last quarter, which represents a massive 29% increase over the 248 million reported one year earlier.

Of that total, around 185 million subscribers were using the ad-supported free tier on Spotify, up quite significantly from the 170 million and 141 million reported in Q2 2020 and Q3 2019 respectively.

The remaining 144 million users were paying subscribers using the Spotify Premium, Premium Duo, and Premium Family plans. These are Spotify’s most lucrative customers and the total number increased by an impressive 31 million year-on-year, or 27%.

Looking to the future, Spotify expects between 340 million and 345 million active users by the end of 2020. It also predicts 150 million to 154 million Premium subscribers in the same timeframe.

As for the financial side of things, Spotify said revenue grew 14% last quarter to $2.32 billion. Unfortunately, the streaming service did report a loss of $118 million versus a profit of $281 million twelve months earlier.

For the current quarter, Spotify believes revenue will reach between $2.34 billion and $2.57 billion.
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