Spotify is currently the leader in music streaming. While Apple Music has been doing very well for, despite the late start, the company could have a hard time closing the gap. Because according to Spotify’s Q1 earnings, the company is now boasting that they have 130 million paid subscribers. That is an impressive number.
Apple hasn’t shared the numbers for Apple Music for a while, but last we heard, Apple Music had about 60 million paid subscribers. So based on the current figures, Spotify’s paid subscribers is more than double that of Apple Music, which is a massive gap that could be difficult overcome.
The 130 million paid subscribers is actually an increase of 6 million over the previous quarter. Spotify also says that they have 163 million monthly active users on the ad-supported tier, which is free to use but users will need to hear ads in between songs.
The company says, “Despite the global uncertainty around COVID-19 in Q1, our business met or exceeded our forecast for all major metrics. For Q2 and the remainder of the year, our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact.” They are clearly the leader.