Spotify posts first quarterly profit
Premium subscribers reached 96 million in 2018...
Spotify has shared its financial figures for the final fiscal quarter of 2018, revealing that for the first time in its history, the company's operating and net income was all positive.
Total Q4 revenue for 2018 at Spotify reached $1.7 billion, an increase of 30% on the year before. The results may largely be down to the revelation that Spotify's paid subscribers reached 96 million last year, up 36% on the previous year. The company credited its Google Home promotion as well as annual holiday campaigns as a contributor to its financial success in 2018.
Monthly active users of Spotify also grew in 2018, by 27% on the previous year's quarter to 209 million, as revealed last month. During the year's final quarter the company also expanded to 78 countries from the 65 during the previous year's quarter.
Last month, Spotify announced that it would be rolling out a new feature allowing users to block or mute artists on the streaming platform. The news of Spotify's success will come as an encouragement after shares in the company hit an all-time low in December.
Late last year, Spotify also revealed the most played tracks, albums and artists of 2018 on the platform.