In a new call with investors, Spotify revealed continued, if slow, growth.
It’s good to be king. Spotify was the first to make a big splash with music streaming, and their early entry into the marketplace helped propel the Swedish company to the top of the food chain. These days, the term Spotify has become synonymous with streaming. “You can find them on Spotify” means, “you can stream their music online.” That’s an excellent place to be, and the latest stats for the music company show the good times are far from over.
Spotify held its Q2 earnings call with investors earlier this week. During the update, the company announced it had passed 232 million monthly active users, up 29% since this time last year. Spotify also boasts 108 million paid subscribers, up 31% year over year. An infographic detailing all the latest developments at the company was also released. Check it out:
Apple Music is Spotify’s closest competitor. At the beginning of July, Apple Music announced it had just surpassed the 60 million subscriber mark, which leaves Spotify with a substantial lead. However, the new data from Spotify reveals a slowing adoption rate for subscribers. The cause for that slowdown is not clear, but market saturation and increased competition are two likely factors contributing to the change.
Spotify has a lot of developments on the horizon that the company hopes will raise the growth rate, including additional podcast content and a device for automobiles that will eliminate the need for terrestrial radio in vehicles. You can learn more about the device, which has been dubbed the ‘car thing,’ in the Music Biz News clip below.
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