Spotify Now has 100M Paying Users
Only a week ago, Amazon announced its ad-supported music streaming service for its Alexa users, and now, another famous music streaming service Spotify has revealed that it has registered a 100 million paid subscribers, in its Q1 2019.
The company has become the world’s largest music streaming service, and the first one to touch the 100 million paid subscribers’ milestone. The increase in the number of paying users for Spotify has hiked by 32 per cent of the number of users it had in 2018 Q4.
Noticeably, the Spotify had just launched its service in India, in February this year, and since then, it has registered over 2 million users for its music streaming service for both paid and ad-supported version, making a total of 217 million subscribers serving in 79 markets. In fact, its rival Apple Music is still at 50 million paid subscribers.
Despite the increased number of subscribers, the Q1 2019 profits are way lesser than the profits it had earned in December 2018. The revealed profits for Q1 2019 by the company is $158 million, whereas, last year in December it had $493 million in revenues. But still, the company has increased its part in the investment for Tencent Music and is readily working in improving its podcast service.
“Over time, our ambition is to develop a more robust advertising solution for podcasts that will allow us to layer in the kind of targeting, measurement, and reporting capabilities we have for the core ad-supported business,” the company said.
Spotify has been working on its ad-supported podcast service, through which it will allow the producers to place ads in between the podcast depending on the target users. Recently, the company acquired the podcast network Gimlet Media, Anchor FM, and Parcast for a combined investment of $400 million. The company is expecting to see a rise in its revenues through its podcast service in the Q2 2019.
Along with the podcast service, the company is also looking forward to an increase in the number of subscribers for both its paid and free music streaming service as well as the profits for Q2 2019 through it.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.
