Spotify has announced its third quarter financial results, showing a 27% growth in revenue year-over-year (Y/Y), while Monthly Active Users increased 19% Y/Y to 381 million. Premium subscribers also grew 19% Y/Y to 172 million.
Spotify CEO and founder, Daniel Ek, says: “We had a very strong quarter. The business is doing really well and I’m pleased that we continue to deliver across the areas that are fundamental to our growth and long term strategy. Audio is our right to win. While we have been relentless in our pursuit of being the world’s largest audio platform, it’s still early days and we are just getting started.”
Podcast Monthly Active Users continued to show increases from Q2 with consumption trends remaining strong at 20% Y/Y. Consumption hours for podcasts reached an all-time high during the quarter.
Overall, Monthly Active Users, Gross Margin, and Operating Income all increased in revenue. Additionally, advertising business had its best quarter to date, growing 75% Y/Y.
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