Spotify moved past a slump that hit early in the pandemic, as customers collectively spent more time listening to the service than before Covid-19 shutdowns
Spotify moved past a slump that hit early in the pandemic, as customers collectively spent more time listening to the service than before Covid-19 shutdowns.
Oct. 29, 2020 6:00 am ETSpotify Technology SA moved past a slump that hit early in the pandemic, as customers collectively spent more time listening to the service than before Covid-19 shutdowns.The music-streaming giant added more users than expected in the most recent quarter and said consumption habits have normalized, with in-car listening hours—which had fallen with time spent commuting—exceeding their pre-pandemic peak. Listening on home devices, which exploded during lockdowns, also remained high.
At the close of the quarter ended Sept. 30, Spotify had 320 million monthly active users, higher than its guidance. Paying subscribers, its most lucrative type of customer, grew to 144 million, at the high end of the company’s forecast.During the quarter, average revenue per user for the subscription business slipped 10% to 4.19 euros, equivalent to $4.92, as Spotify brought in new subscribers via discounted plans and charged lower prices in new markets such as India and Russia. The company said it had raised the price of its family plan in seven markets this month.
Revenue from subscriptions was up 15% from a year earlier in the quarter, to €1.79 billion, equivalent to $2.1 billion. Advertising revenue returned to growth after sliding in the first half of the year, rising 9% to €185 million. Though advertising accounts for 10% or less of Spotify’s overall revenue, it has become a growth area—on a double-digit rise before the pandemic—as the company has expanded its podcast business, which led the rebound in the recent quarter.Read more: The Wall Street Journal »
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