Just three months ago the Spotify streaming music platform reached 100 million registered users in the Spotify Premium payment option. Now, the app has managed to have another 8 million subscribe to the paid version, which represents an increase of 31%. Therefore, the application has 108 million users subscribed to the premium version.
The majority of Spotify users are in Europe followed by North America.
The streaming music platform has achieved total revenues of more than 1,660 million euros in the second quarter of the year. Of that figure, 1,502 million euros have been obtained by subscribers who pay for the premium version. The remaining part has come from advertising in the free version. This has generated revenues amounting to 156 million euros, which represents an increase of 34% over last year.
In addition, Spotify, taking into account the previous data, has managed to reduce its losses up to 80% in this second quarter of 2019.
In total, adding the users of Spotify Free and Spotify Premium, the platform already has 232 million monthly active users.
On the other hand, the company has increased its expenses related to sales and marketing. Spotify has invested about 200 million euros in this aspect in the second quarter of the year, a figure that represents an increase of 15.6%. However, the company’s expenses at a general level have fallen by 16.5%.
Spotify has seen the increase in premium users, especially in Europe, where it has 40% of the total consumers of the application. Then, the North American market constitutes 30% of the users followed by 20% of users in Latin America. The remaining 10% is distributed in the rest of the world.
Podcasts have been an essential channel for capturing users and subscribers. The audience of these audio files has increased by more than 50% compared to last quarter. In fact, Spotify is still betting on podcasts, as it has recently reached an agreement with Obama’s producer, Higher Ground, to produce its own content for Spotify.