Regardless of stress from a ton of different music streaming providers, Spotify retains including customers like hotcakes.
The corporate held its Q1 2022 earnings name right now. In a blog post, Spotify introduced that it achieved its “strongest” first quarter since taking the corporate public again in 2018. That’s fairly the feat contemplating competitors within the music streaming trade has solely elevated since that point.
Spotify additionally revealed that it now has over 500 million month-to-month energetic customers — 515 million to be actual. The corporate says that month-to-month energetic customers have grown 22% because the similar interval final yr. As well as, premium subscribers grew 15% year-over-year. You may take a look at the total high-level breakdown supplied by the corporate under:
- Month-to-month Lively Customers grew by 22% year-over-year to 515 million pushed by power in each developed and growing markets, and practically all age teams.
- Premium Subscribers grew 15% year-over-year to 210 million with outperformance throughout all areas, led by Europe and Latin America.
- Whole Income grew 14% year-over-year to €3.0 billion, led by Subscriber features.
- Gross Margin completed at 25.2%, reflecting improved music and podcast profitability.
- Working (Loss)/Revenue completed at €(156) million, aided by decrease advertising and marketing spend.
Spotify’s Q1 earnings come greater than a month after the corporate announced a major redesign to its smartphone app. The replace to the app introduces a brand new dwelling display screen the place customers can expertise fast previews of music, podcasts, and audiobooks. It additionally launched a brand new “Good Shuffle” button, new discovery options in search, and an autoplay function for podcasts.
The redesign is already rolling out to elements of the Spotify app. For instance, whereas many customers haven’t had their dwelling display screen up to date simply but, selecting to filter the house display screen by music, podcasts, or audiobooks allows the brand new, TikTok-like expertise for lots of people.
The corporate additionally introduced it was killing off Anchor and rolling it into Spotify for Podcasters.