Spotify continues to grow very dynamically. It seems that expanding the portfolio of available products to include podcasts, audiobooks, and recently even music videos is bringing tangible results.
Spotify is undoubtedly the largest streaming service in the world. Certainly not the best, because many competing services can offer, for example, better music quality, but Spotify still benefits from the fact that it was the first service to break into customer awareness. However, this would not be possible if it were not for the continuous development and expansion of the offer. It also appears that recent employment cuts have allowed for a significant improvement in financial results. The company should end the year in profit for the first time in history.
The third quarter was successful for Spotify
From those just published Spotify results we can read many interesting numbers. In the third quarter of this year alone, the company recorded revenues of EUR 4 billion and EUR 454 million of operating profit. Moreover, this was achieved with a growing margin, which has already exceeded 31%. Reducing costs, i.e. employment, probably helped here. If these numbers don’t impress you, wait for user statistics. In total, 640 million people use Spotify every month, over 60 million more than in the same period last year. The number of subscribers to the Premium service also looks great, which already amounts to 252 million people, over 25 million more than a year ago.
Taking total users into account, Spotify is by far the largest streaming service in the world, more than doubling Netflix, which has just over 280 million paying customers. These results are also reflected in the share price, which has already increased by over 140% this year and currently stands at USD 472, growing by over 12% today alone. However, the company does not intend to stop, it will soon introduce new products, such as playlists created by AI based on our preferences or music videos available in 97 different markets. There will also be new features related to podcasts, and audiobooks will be made available in other markets, unfortunately not yet in Poland. It seems that music streaming, with all its advantages and disadvantages, will stay with us for years to come.
Source: antyweb.pl
