09 July 2019
Spotify one of the world’s leading music streaming platforms has hit the 100 million paid subscribers’ milestone and has reported a better-than-expected rise in its Q1 revenue.
The service leads ahead of rival Apple and has double the number of subscribers. Spotify has launched in India recently and reached a million users in just a week. It has also launched its service in the Middle East and North Africa in recent months and is planning to expand to more countries soon.
In the US, Spotify is facing a tough competition from Apple Inc, who has managed to reach 28 million U.S. paid subscribers in comparison with Spotify’s 26 million users reported in April earlier. Amazon has also launched an advertising-supported free music tier to its service which competes with Spotify.
Spotify has 217 million monthly active users (MAU) as in March 2019, which is up from 173 million in the same quarter a year ago. The Stockholm based firm had reported revenue of 1.5 billion euros which denotes a 33% increase from the same period a year ago. It had reported a net loss of €142 million in the same period.
“Competition is just not a big factor for us, it’s really all about growth,” Spotify Chief Executive Officer Daniel Ek stated during the company’s quarterly results. Ek stated that the company planned to “keep on growing at more than 30 percent per year,” both in terms of revenue and users.