Spotify reaches 113 million paid subscribers, says its growing 'twice as fast' as Apple Music
Spotify‘s net of paid subscribers now covers 113 million listeners and 248 million total active monthly users as of Sept. 30, according to numbers newly released in a letter to stockholders. The third-quarter statistics exceeded both Spotify’s and Wall Street’s projections for premium user gain.
Net subscriber growth exceeded our expectations and was led by strong performance in both Family Plan and Student Plan. All other product offerings were mostly in line with expectations.
Total monthly active users grew 30 percent
The recently reported figures from September’s close are a continuation of the consistent growth Spotify has witnessed since the end of 2018. At the end of June, the platform notably had 108 million premium users and 232 million total active monthly streamers.
At the end of the third quarter, Spotify’s stock of global Premium rs was up 31 percent Y/Y. The platform’s total monthly active user count was meanwhile up by 30 percent. European streamers comprised 35 percent of Spotify’s monthly active users by region during the third quarter. North America was second at 27 percent and Latin America followed with 22 percent.
Spotify additionally addressed its performance relative to competitors, Apple Music and Amazon Music.
Relative to Apple, the publicly available data shows that we are adding roughly twice as many subscribers per month as they are.
[…] we believe that our monthly engagement is roughly two times as high and our churn is at half the rate.
Elsewhere, our estimates imply that we continue to add more users on an absolute basis than Amazon.
Read Spotify’s letter to stockholders in full, here.
H/T: Spotify
