Spotify reports Q3 growth with 113 million Premium Subscribers
Spotify Technology S.A. has announced its financial results for Q3 2019, showing an increase in the music streaming service’s subscription.
According to Spotify, the company has experienced an increase in Monthly Active Users (MAUs) with a total of 248 million (a 30% increase from last year), 113 million of which are Premium Subscribers. Developing regions like Latin America and Southeast Asia continue to be the company’s significant driver of its performance for this quarter.
As for its increased Premium Subscriber base, it is attributed to the strong performance of both of their Family Plan and Student Plans. Other offerings were mostly in line with expectations, according to the company. They also see continued exponential growth in podcast hours streamed, with adoption reaching almost 14% of total MAUs.
Given the positive performance, Spotify has also reported a total revenue of EUR 1.73 billion with an operating profit of EUR 54 million.
For Q4 2019, Spotify is expecting its total MAUs to increase to 255-270 million subscribers with 120-125 million Premium Subscribers.