Spotify Hits 300 Million Premium Subscribers in Q2
The music streaming giant reaches a total of 777 million monthly active users The post Spotify Hits 300 Million Premium
Spotify achieved a significant milestone by reaching 300 million premium subscribers globally in the second quarter, marking a 9% year-over-year growth. The company reported a 14% increase in total revenue to €4.8 billion, with premium revenue growing at a faster pace than anticipated. Although shares of Spotify fell over 4% in pre-market trading post-earnings due to lower-than-expected earnings guidance, the company's total operating profit grew 61% to €655 million.
Revenue growth was fueled by the addition of 7 million new premium subscribers and a 12% rise in monthly active users, totaling 777 million. The company's ad-supported monthly active users (MAUs) rose 14% to 494 million. Despite a 3% increase in operating expenses, Spotify maintained strong profitability, with net income reaching €545 million, or €2.61 per share.
Looking ahead, Spotify anticipates reaching 305 million premium subscribers and 788 million MAUs by the third quarter, with operating income of €670 million and revenue of €5 billion.
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