Spotify reported that its subscriber base grew to 320 million monthly active users (MAUs), with 144 million paying for a Premium account.
For the quarter ending September 30, Spotify reported a loss of $101 million on revenues of $2.1 billion. The company says it continues to prioritize growth over profits.
“Total MAUs grew 29 percent [year-over-year] to 320 million in the quarter and above the top end of our guidance range,” the firm noted in its latest financial report. “We are particularly encouraged by our MAU strength this quarter, as it supports the long-term health of our customer acquisition funnel and gives us confidence as we continue to expand into new markets.”
As you may recall, Spotify reported in the previous quarter that it had 299 million subscribers overall, with 138 million of them being premium subscribers. So the subscriber base grew about 7 percent between the two quarters.
Much of the growth that Spotify is seeing this year can be attributed to its new emphasis on podcasts, though advertising remains just a small part of its business. The firm says it now offers 1.9 million podcasts through its service and that 22 percent of its customers listen to podcasts.