Spotify have shared a letter with their shareholders containing recent user data, revealing that their paid subscribers have reached 113 million.
There are a whopping 248 million active monthly users of the streaming service, and these third quarter statistics regarding the paid subscribers have exceeded Spotify's own predictions. In the letter, Spotify wrote:
"Net subscriber growth exceeded our expectations and was led by strong performance in both Family Plan and Student Plan. All other product offerings were mostly in line with expectations.
Total monthly active users grew 30 percent."
Compared to their competitors Apple Music and Amazon Music, Spotify went on to comment:
"Relative to Apple, the publicy available data shows that we are adding roughly twice as many subscribers per month as they are."
"We believe that our monthly engagement is roughly two times as high and our churn is at half the rate."
"Elsewhere, our estimates imply that we continue to add more users on an absolute basis than Amazon."
You can read the full letter from Spotify to its shareholders here.
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