Music streaming giant Spotify said Wednesday that its second-quarter loss widened as recent stock gains led to higher payroll taxes, but its user base grew to 138 million premium, or paid, subscribers and 299 million total active monthly users as of the end of June.
"Last quarter we noted a marked deceleration in sales brought on by the global health crisis where the last three weeks in March were down more than 20 percent relative to our forecast," Spotify said. "Performance continued to lag our expectations through April and May, but we significantly outperformed expectations in the month of June.
Quarterly revenue of nearly €1.89 billion grew 13 percent, while operating expenses increased 48 percent, "well above forecast."
Source: Entertainment Trends (entertainmenttrends.net)
thats why these records being broken by the likes of Swift are not that credible when put in perspective. Its still a growing platform so records will be broken as millions more users join up each year.
Spotify reignited my passion for music
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