Spotify’s Q1 Earnings Show Growth in Users, Revenue
Spotify announced its first quarter results for 2021, showing 24 percent growth year-over-year in Monthly Active Users (MAU) reaching 356 million. Premium Subscribers grew 21 percent in the same time period to 158 million. Though a significant increase, it still fell short of Wall Street’s expectations.
The company’s total revenue was up 16 percent year over year, coming in at €2.147 billion, or approximately $2.59 billion.
There was a strong increase in Q1 podcast consumption hours vs. Q4, with March hitting an all-time high in podcast share of overall platform consumption hours.
Spotify CEO and founder Daniel Ek said, “I’m pleased with the continuing momentum we are seeing across many aspects of our business this quarter, including our subscriber growth. 2020 was a very strong year for Spotify and we believe Spotify is well positioned to continue to extend our leadership globally as we move forward.”
View the full earnings report or see the infographic.
