-
ALSO READ
Music app Spotify rolls out standalone streaming for Apple Watch
Spotify to expand to 80 new countries, to support 36 new languages
Audio streaming service Spotify to launch podcast subscription service soon
Spotify set to launch streaming service in South Korea in 2021
Music platforms remain immune to Covid-19 as investments intensify
-
Swedish music streaming giant Spotify announced on Wednesday that it has now 158 million paid subscribers and 208 million are using the ad-supported version globally.
Announcing its financial results for the first quarter of 2021, the company said that its Premium Subscribers grew 21 per cent Year-on-Year (YoY) to 158 million in the quarter.
The company added nearly 4 million subscribers in the first quarter, which drove healthy double-digit YoY growth across all regions.
"I am pleased with the continuing momentum we are seeing across many aspects of our business this quarter, including our subscriber growth," Daniel Ek, CEO and Founder, Spotify, said in a statement.
Spotify said that it added a further 11 million users in the last three months, bringing its total user figure to 356 million.
"Total monthly active users (MAUs) grew 24 per cent YoY to 356 million in the quarter, finishing within our guidance range but modestly below our internal expectations," the company said.
"In Q1, we added 11 million MAUs, which drove healthy double-digit YoY growth across all regions. We saw meaningful contributions from markets such as the US, Mexico, Russia and India," it added.
The company, however, said that the growth was lower than planned in Latin America and Europe.
On the other hand, in Latin America, Spotify saw outperformance driven by the continued success of its Family Plan product.
The music streaming giant also mentioned that they are pleased with the new market contributions, with South Korea being the biggest driver.
Spotify has announced a lot of services over the past few weeks, which includes 'Car Thing' -- a new smart accessory with a display for a car that lets users listen to everything available on Spotify without using their phone.
Following Apple's announcement of paid subscription podcasts, the company on Tuesday announced a paid subscription platform for podcasters in the US.
The company said that it plans to expand the newly launched service in other regions in the coming months.
--IANS
vc/arm
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU