Spotify subscribers hit 138 million, a 27% increase year on year, according to its recently released Q2 2020 financial results. Monthly Active Users (MAU) increased 29% to 299 million. Revenue of €1,889 million was up 13% year on year in the quarter despite the impact of the COVID-19 pandemic.
During the quarter, Spotify increased its operations to 92 countries including Russia and 12 additional European countries. Latin America and Rest of World continue to see the fastest growth, with those regions growing 33% and 58% year on year, respectively. The streamer now offers over 60+ million tracks and 1.5+ million podcasts on its platform.
Innovations introduced in the second quarter of this year included:
- Family Plan and Premium Duo subscriptions have been rolled out to more countries and these multi-user plans are now available in 90+ countries globally.
- Now supports over 2000+ devices from 200+ brands giving near ubiquitous coverage.
- In the US, Spotify is now available for millions of xfinity customers.
- Lyrics were rolled out in 26 countries across Southeast Asia, Latin America, and India covering more than 100 million of its users.
- The cap on the number of tracks a user can download was removed and now offers the ability to save an unlimited number of songs, albums and podcasts to user’s collection of favourites (up from a max of 10,000 tracks previously).
- Spotify launched a Group Session feature that allows up to five Premium users to share control over the music being played. Group Session participants can control what’s playing in real-time as well as contribute to a collaborative playlist for the group.
- Spotify Free through Amazon Alexa devices was expanded beyond the US, Australia and New Zealand. Amazon Alexa devices will now support Spotify Free in Austria, Brazil, Canada, France, Germany, Ireland, Italy, Japan, Mexico, Spain and the UK. Additionally, Spotify (Free and Premium) is now available on Alexa in India.
Spotify’s forecast for Q3 2020
- Total MAUs: 312-317 million
- Total Premium Subscribers: 140-144 million
- Total Revenue: €1.85-€2.05 billion
- Operating Loss: €70-€150 million
To view the complete set of financial results for Q1 2020 go here.
