Spotify Amasses 138 Million Paying Subscribers, 299 Million MAUs Globally in Q2 2020

Music streaming giant Spotify beat investor forecasts and managed to do better than expected during the COVID-19 pandemic. Spotifywitnessedsubstantial growth in the total userbase, subscriber count, and listening hours (reaching back to pre-COVID-19 levels) but the operating costs increased 48% and ad revenue fell 21% in Q2 2020.

Spotify now has 299 million monthly active users (MAUs), which is up 29 percent in comparison to the same quarter last year. The streaming giant has alsomanaged to add 30 million new subscribersYoY, growing the subscriber base to 138 million. This is a 27 percent increase in comparison to Q2 2019, when Spotify had nearly 108 million subscribers. It added 8 million paying users in the last three alone, which is amazing.

“Our business performed well in Q2 and continues to operate at a high level despite the continuing uncertainty surrounding the COVID-19 pandemic,”said Spotify in an official statement to investors.

While the company’s subscriber base grew, the financials took some hit due to strong stock performance (related to social charges close to 126 million euros) in Q2 2020. The total revenue for the quarter reached 1.89 billion euros, up 13% YoY, while the losses grew to 356 million euros – up from 76 million euros in the same quarter last year.

Spotify also sheds light on some recent product changes that you may have missed. It talks of the availability ofmore than 60 million trackson the platform, thanks to therecent dealswithmajor record labels. The total number of podcast shows has also ballooned to over 1.5 million in Q2 2020. The company says that close to 50% of the podcasts started in 2020 and 21% of total users are now listening to them as opposed to 19% in Q1 2020.

In addition, Spotify recently rolled outreal-time lyrics supportto users in 26 countries, including India. It is also rolling out a ‘Group Session’ feature this week to enable users (up to five Premium subscribers) to share a common playlist, queue songs, and jam to them wherever they are. You can now evenask Alexa to play songsvia Spotify in India.

The company did not disclose the Indian subscriber base numbers but we will update the article whenever we learn more about it. Spotify forecasts that the total userbase and subscribers will grow to 312 million-317 million and 140 million-144 million in Q3 2020 respectively.

Anmol

Getting my start with technology journalism back in 2016, I have been working in the industry for over 7 years. Currently, as the Editor of Beebom, I’m leading the coverage on the website. While my expertise lies in Android, Windows, and the apps world, find me reading manga, watching anime, and playing Apex in my free time.

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