Spotify now boasts 83 million subscribers, reports second quarter loss
At the end of 2018’s second fiscal quarter, Swedish streaming giant Spotify has shared new reports on the company’s performance since their debut on the New York Stock Exchange earlier this year. Boasting 83 million premium subscribers and 180 million monthly active users, Spotify will be looking to hold onto and expand their share of the market, though Apple Music has been providing some stiff competition in the US market this year.
Though the impressive 83 million paid subscribers is an increase of ten percent since last quarter and, at $1.49 billion, revenue is at an all time high, the company posted a loss of $461 million, over twice as much as their loss at this time last year. To Spotify’s credit, they claim that over $30 million of that loss came from the price of going public back in April. Even with these losses, Spotify’s stock price is steadily rising, likely thanks to the vast amounts of revenue, investment, and cash flow at the company’s fingertips. With online streaming platforms are consistently securing more listeners and paid subscribers, the DSP arms race remains a fascinating industry to watch unfold.
H/T: Billboard
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