Spotify has announced its second quarter financial results, showing a 22% increase year-over-year (Y/Y) in Total Monthly Active Users with 365 million which was below expectations. Premium subscribers also saw a 20% increase Y/Y, reaching 165 million which was ahead of what was forecasted.
“Q2 was a strong quarter for Spotify overall, with the majority of our major metrics performing better than expected,” says Spotify CEO and founder Daniel Ek. “While MAU growth was softer than expected in the first half of the year, we are seeing that trendline reverse and all the leading indicators show that we are back on track. By accelerating our pace of innovation and investing for the long term, we continue to cement our standing as the preferred audio platform around the world.”
Revenue experienced a 23% growth Y/Y which fell toward the top end of guidance range due to significant advertising strength and subscriber outperformance. Spotify’s advertising business also accelerated, seeing a 110% increase since this time last year.
This quarter there was a strong trend for podcasts on the platform. Podcast consumption was up 95% Y/Y in aggregate and over 30% on a per user basis. The share of overall consumption also reached an all-time high.
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