Spotify, the streaming music service, has released its first earnings report. The report contains an update that how many people are using the music service. The Spotify report mentioned that it has 170 million monthly active users and 75 million paid subscribers. Well it is great news that Spotify Reaches 75 Million Paid Users.
Apple Music recently crossed 40 million subscribers, while in comparison of that 99 million people are listening to Spotify through its ad-supporter free tier.
According to Spotify’s earnings outlook, it is also expected that by the end of the next quarter the premium subscribers will touch the point somewhere between 79 and 83 million.
Spotify Reaches 75 Million Paid Users as it Unveiled it’s First Earning Report
The company has also predicted that it will cross 92 million subscribers at the end of 2018. For the first quarter, Spotify operating loss fell to 41 millions euros, which is equal to almost $49 million. If we look into the same period a year earlier, the loss faced by company was 139 million euros.
Spotify did not raise the new capital, it only listed existing shares on the stock exchange.
A month ago Spotify unveiled an experience for free users. It will provide users access to 15 curated playlists on demand. In the updated app, when a customer signs up for the service, it will feature immediate personalization for music tastes. However, some key featuree remain exclusive to paying subscribers.