Spotify reports $118 million loss despite adding more users, paid subscribers

Spotify headquartered in Stockholm but listed on the New York Stock Exchange is hoping to reach between 340-345 million monthly active users and 150-154 million paying subscribers by the end of the year. — AFP pic

Spotify headquartered in Stockholm but listed on the New York Stock Exchange is hoping to reach between 340-345 million monthly active users and 150-154 million paying subscribers by the end of the year. — AFP pic

Spotify said in a statement that the number of monthly active users rose by 29 per cent to 320 million in the three months to September, of whom 144 million were paying subscribers, an increase of 27 per cent.

-Spotify said new music releases on the platform during the third quarter were up 13 per cent compared to the prior quarter, led by Taylor Swift's "Folklore" album, which set a record for the most first day album streams by a female artist.

Spotify today reported its Q3 2020 results with strong MAU and subscriber growth. Russian Federation has been our most successful new market launch to date and represented the largest portion of subscriber out-performance for the quarter.

Spotify also mentioned that global consumption hours surpassed pre-COVID levels this quarter, and all regions have fully recovered from COVID levels.

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Spotify is highly banking on podcast content to drive up this content consumption.

Spotify Technology SA added more subscribers than analysts predicted last quarter, a sign more consumers are listening to music and podcasts following a lull brought on by COVID-19 lockdowns.

"While it's still early, initial results indicate that in markets where we've tested increased prices, our users believe that Spotify remains an exceptional value and they have shown a willingness to pay more for our service".

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