Spotify aims 194 mn paid subscribers and $3 bn revenue

Music-streaming platform Spotify said it has 433 million monthly active users (MAUs) as it added 19 million during the second quarter.
SpotifySpotify said its premium subscribers grew 14 percent to 188 million in the April-June quarter from 182 million in Q1.

“Quarterly performance versus our guidance was impacted by outperformance in India, Indonesia and The Philippines as a result of marketing campaigns and elevated OEM intake,” Spotify said in a news statement.

Spotify reported net loss of $197 million on revenue of $2.9 billion (+23 percent) during the second quarter of 2022.

The company said that its now hosts 4.4 million podcasts on the platform, and the number of MAUs that engaged with podcasts grew in the substantial double-digits and per user podcast consumption rates continued to rise.

Spotify said that advertising revenue grew 31 percent to reach 13 percent of total revenue, reflecting growth across all regions and sales channels.

Spotify music business saw healthy double-digit growth and podcast revenue grew in the strong double-digit range led by the Spotify Audience Network.

In June, Spotify announced plans to slow headcount growth by 25 percent beginning in Q3, while also taking a closer look at marketing activity.

The music streaming company forecast current-quarter paid subscribers of 194 million. The company expects total monthly active users of 450 million in the third quarter. Spotify said it expects revenue of 3 billion euros in Q3.