Spotify jumps to 158 million Premium subscribers

The company is nearing the 400 million user mark

Spotify has once again grown its subscriber base, bringing in 11 million new listeners over the last three months. Only four million of these new users are Premium subscribers.

This brings the total amount of Spotify users to 356 million and the total amount of Premium subscribers to 158 million. Either way, this is a 24 percent increase over Q1 2020.

While these results may not show as much growth as some of the previous quarters, the numbers are still impressive, and the company mentions that it’s squashed its churn rate, so more people are trying Spotify and sticking with the platform. In its investor press release, the company credits this to its diverse plan tiers, making it easier for people to afford the software.

The audio streaming company also notes that podcasting ad revenue continues to grow on the platform, which is a good sign since the company has sunk so much money into the project.

Overall, it’s an impressive quarter, and the company posted an operating income of €14 million ($20 million CAD). However, the company expects to lose over €150 million ($224 million CAD) or more over the remainder of the year as it fights to gain 400 million users.

Source: Spotify Via: Engadget