Spotify has announced its earnings report for the second quarter of 2019, the company has revealed that it now has 108 million paying subscribers and 232 million monthly active users.
The company has increased its paid subscribers by around 31% over the previous years and its monthly active users are up around 29% over the previous year.
We finished Q2 with 108 million Premium Subscribers globally, up 31% Y/Y but below the midpoint of our guidance range of 107-110 million. Intake from our bi-annual campaign was in line with our expectations, monthly churn declined both sequentially and Y/Y to a record low 4.6%, and our winback percentage on gross ads reaccelerated Q/Q. However, intake into our Student product was below plan. As we have discussed previously, our goal is to perform at roughly the 70th percentile of our guidance range and we missed on subs. That’s on us. The good news is that the shortfall was execution related, rather than softness in the business, and we expect to make up the lost ground before year-end.
The company has faced competition from Apple and their Apple Music service which now has around 60 million subscribers.
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn more.