Music streaming leader Spotify sees no weakening in the influx of subscription customers even in times of inflation and economic concerns. In the last quarter, the number of paying users rose from 188 to 195 million within three months.
As a result, growth was slightly stronger than the company had expected. Spotify aims to have 202 million subscribers by the end of the year. The service aims to have a total of 479 million users, against 456 million at the end of September.
Spotify’s revenue increased 21 percent year over year to just over $3 billion in the third quarter. Ad revenue growth slowed significantly, rising 19 percent to $385 million.
Advertising customers are cutting spending across the board, and other online businesses are also being affected. Spotify relies on expanding its advertising revenue, including from podcasts, to build an additional business pillar alongside its subscription business.
The bottom line was a $22 million gain after a loss of $160 million in the year-ago quarter. Spotify shares temporarily lost about five percent in after-hours trading on Tuesday. (sda/dpa)
Soource :Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
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