Spotify gains new subscribers in Corona crisis
The music streaming service Spotify is expanding its customer base during the COVID-19 pandemic. The number of Premium subscribers—who pay monthly fees and thus account for the majority of revenue—rose by 27 percent to 144 million in the third quarter, the Swedish company announced on Thursday.
This was more than analysts had expected. The streaming provider, which was originally particularly strong in Europe, has now also succeeded in attracting new listeners in India, the Middle East and, most recently, Russia. Spotify therefore leads the market unchallenged. Apple Music is lagging behind with less than half of Spotify's customers. In the important final quarter, the Swedes want to increase the number of Premium subscribers to between 150 and 154 million.
In the third quarter, sales climbed by 14 percent to 1.98 billion euros. Analysts had expected two billion. According to Spotify, the advertising business also grew again, which had previously been impacted by the coronavirus pandemic and the resulting pause in advertising campaigns. Customers who do not have a premium account can access Spotify, but must watch or listen to advertisements. (SDA)
