What you need to know
- Spotify has today announced its Q1 2020 results.
- It says it now has 286 million monthly active users, and 130 million subscribers.
- It also says that every day now looks like the weekend thanks to COVID-19.
Spotify has today announced its Q1 2020 results, reporting 286 million monthly active users and 130 million subscribers.
In its release it stated:
Spotify now boasts 286M monthly active users and 130M subscribers, both increase of 31% on the previous year. Spotify also brought in around $2 billion in revenue for the quarter, beating analyst forecasts for both sales and EPS.
On its highlight graphic, Spotify noted that it now has over 1 million podcast titles on its platform and is transforming how artists and fans connect with features like Songwriter Pages, Canvas integration into Instagram and RADAR.
Of course, COVID-19 has had a big impact on the service, seeing a notable decline in hard-hit markets like Spain and Italy. Over the last few weeks, it says that consumption has started to make a recovery. Usage in Cars, wearables, and web platforms has dropped by double digits in some instances, but TV and Game Consoles have conversely grown. Spotify stated:
These are good results and clearly demonstrate that Spotify has a resilient business model. The insight into how all of our listening and content consumption activity has changed due to the global pandemic is also fascinating.
Well, not EVERYONE has changed their listening habits. Mine have not changed a bit. And I still don't use Spotify. I still listen to my OneDrive library.
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