Spotify just released its Q1 financial results. They’re pretty good.
After years and years of losing money, Spotify is finally turning a profit. Today (April 29), the company revealed its Q1 financial results that showed record highs. Here are the highlights.
- On average, 678 million people use Spotify every month. That’s a metric known as MAU (monthly average users). That’s up 10% from a year ago.
- Subscribers to Spotify’s premium service are up 12%. That translate to 268 million people worldwide.
- Interestingly, Spotify lost two million listeners to its free ad-supported tier. I wonder why?
- Revenues were up 15% from this time last year.
- The operating profit was €509 million ($809 million Canadian)
- Growth was found in pretty much in every worldwide territory. Latin America led the way.
- By the end of the year, Spotify expects to have 689 million monthly users and 273 million paid subscribers.
The full financial report can be found here.
