Spotify exceed expectations by gaining 8m new paid subscribers

Written by frtyfve Team

Spotify’s paid subscriptions grew to 83 million in Q2.

Spotify’s quarterly earnings report shows that it now has 83 million paid ‘Premium’ subscribers globally, an 8 million increase on Q1. The growth is at the higher end of projections and it will be a great boost for the streaming giant.

Spotify now has over 180 million monthly active users.

Spotify’s continued growth in paid subscriptions follows its public IPO earlier this year. After introducing a family plan and a Hulu Bundle in the US, Spotify has said it has experienced a lower churn rate with customers. It’s revamped free ad-supported service has also encouraged a large push on the non-premium side of the business.

As we look to the next quarter, Spotify may be planning to further develop its content strategy, following the hire of Dawn Ostroff. A veteran TV and video executive, Ostroff has joined Spotify as its new chief content officer, suggesting that the streaming giant may be set to expand its media plans into video. We also await news of potential hardware releases, with in-car and speaker developments rumoured throughout 2018.

frtyfve is powered by Instrumental. Their leading A&R music scouting platform uses Spotify data and applied AI processes to unearth the fastest growing artists and tracks. To find out how the tool can help power your scouting efforts, click the banner below to request a demo.

Powered by talentAI

Explore Related