Spotify Reaches 113 Million Subscribers

Spotify’s consumer base continues to grow, as the streaming service reached 113 million premium subscribers by the end of September 2019, the company reported on Monday (Oct. 28) during an earnings conference call.

The company also posted a profit of almost $60 million in the third quarter, which came after the company reduced artist marketing and research and development costs. Revenue rose 28 percent to $1.92 billion for the quarter; subscriptions accounted for $1.73 billion of that total. Operating expenses increased 11 percent.

Spotify is now predicting it will have 120-125 million subscribers by the end of the year, and monthly average users have increased 30 percent over 2018 to 248 million. This is compared to the company’s 96 million premium and 75 million monthly users reported at the end of 2018.

The company’s CEO Daniel Ek also announced the exit of CFO Barry McCarthy; he will be replaced by Paul Vogel, Spotify’s current VP, Financial Planning and Analysis, Treasury and Investor Relations.

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Lorie Hollabaugh

Hollabaugh, a staff writer at MusicRow magazine, has over 20 years of music business experience and has written for publications including American Profile, CMA Close Up, Nashville Arts And Entertainment, The Boot and Country Weekly. She has a Broadcast Journalism and Speech Communication degree from Texas Christian University, (go Horned Frogs), and welcomes your feedback or story ideas at lhollabaugh@musicrow.com.

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