Spotify reports 83-million paying subscribers, up 40% from a year ago
The streaming company attributes its growth to emerging markets, particularly Latin America and Southeast Asia — but it has yet to turn a profit
New York — Top streaming platform Spotify said Thursday that it has reached 83-million paying subscribers, marking steady growth, even as the company still struggled to make a profit. The Swedish company unveiled the figure, on the high end of its forecasts, as it released its earnings for the quarter to June. It had reported 75-million paying subscribers three months earlier. Spotify attributed the growth to inroads into emerging markets, particularly Latin America and Southeast Asia, and the popularity of its family packages, which, nonetheless, earn less revenue than individual plans. In year-to-year terms, Spotify’s base of paying subscribers has jumped 40% from the same time in 2017. As of the end of June it had 180-million active monthly users when including users on its free tier. Despite the rapid growth of streaming around the world, Spotify has yet to turn out a profit as it prioritises the platform’s expansion. Operating losses for the quarter were €90m, although two thir...
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