Spotify subscribers hit 144 million in Q3 2020, a 27% increase year on year, according to its recently released Q3 2020 financial results. Monthly Active Users (MAU) increased 29% to 320 million. Revenue of €1,975 million was up 14% year on year in the quarter despite the impact of the COVID-19 pandemic. Despite this growth the streamer continues to make a loss (€101 million) and forecasts continuing losses despite predicted increases in streaming subscriptions and revenue.
Innovations introduced in the third quarter of this year included:
- New market launches in Russia and 12 surrounding markets
- Google Nest Mini promotion in the UK and Canada
- Enhanced the lyrics functionality with a long awaited feature, Lyrics Search
- Added mixed media formats, such as the launch of the Daily Sports playlist, which combines sports commentary and personalities alongside personalized music recommendations
- Introduced Track IDs – a series of playlists curated by leading DJs in the global Electronic Music Community
- Rolled out Video Podcasts – new feature for select podcasts, better connecting fans with creators
- Enhanced the Podcast Charts experience which was rolled out to 26 countries
- Expanded the mixed media playlist Your Daily Drive to users in the UK and Ireland, bringing a personalized mix of news podcasts and music to users, updated daily
- Announced that the first title of its DC Comics partnership will be Batman Unburied (to be written and produced by David Goyer)
- Polls feature – a new way for podcasters to interact in-app in real-time with listeners
- Soundtrap Capture – on-the-go tool for creators to record high-quality audio whenever and wherever
Spotify’s forecast for Q4 2020
- Total MAUs: 340-345 million
- Total Premium Subscribers: 150-154 million
- Total Revenue: €2.0-€2.2 billion
- Operating Loss: €112-€32 million
To view the complete set of financial results for Q1 2020 go here.
