The streaming music service Spotify published a report with financial results for the third quarter of this year, from which it appears that not only did its sales grow year-on-year, but also the number of monthly active users. There are now 320 million of them, which is an increase of 29% (and less than 7% compared to last quarter).
The number of premium subscribers (that is, paying users) increased by 27% year over year to 144 million, which is a 5% increase compared to the second quarter. The number of users using the free service (that is, with ads) reached 185 million, which is 31% more year-on-year. The coronavirus pandemic seems to have mainly contributed to the increase.
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As for the financial results themselves, Spotify earned 1,975 billion euros (roughly 53,7 billion crowns) in the penultimate quarter of the year - 14% more than at the same time last year. Although this is more than solid growth, some analysts predicted that it will be even higher, reaching just under 2,36 billion euros. The gross profit then amounted to 489 million euros (13,3 billion crowns) - an 11% increase from year to year.
Spotify is the long-term number one in the music streaming market. Number two is service Apple Music, which had 60 million users last summer (since Apple they do not state their number) and the top three is rounded off by the Amazon Music platform, which had 55 million users at the beginning of this year.
