Therefore, growth was slightly stronger than the company had expected. Spotify plans to reach 202 million subscribers by the end of the year. The service then wants to have a total of 479 million users, after 456 million by the end of September.
Spotify revenue grew 21 percent year-over-year in the third quarter to just over $3 billion. Ad revenue growth slowed significantly, increasing 19 percent to $385 million.
Advertising customers are reducing their spending overall, and other online companies are also being affected. Alongside its subscription business, Spotify relies on the expansion of its advertising revenues, including podcasts, to create an additional business leg.
As a result, it was a profit of $22 million after going black from $160 million in the same quarter last year. Spotify shares temporarily lost about five percent in after-hours trading on Tuesday.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
