Spotify is continuing to grow, with massive second quarter revenues reported.
Total revenue for Q2 at Spotify reached €1.66 billion ($1.85 billion), growing 31% year-over-year, which helps explain why streaming accounted for 75% of the music industry’s revenues in 2018.
Streaming continues to be incredibly popular, and Spotify is leading the pack with 108 million subscribers — far ahead of Apple Music’s 60 million subscribers.
Spotify is also seeing its podcast acquisitions pay off, with the podcast audience having grown more than 50% over the previous quarter, while engagement has doubled since the beginning of 2019.
While this is all good news for Spotify, investors expected a higher subscriber count by now, in the “range of 107-110 million,” according to a press release. This sent the streaming giant’s shares tumbling 2.3% in early morning trading. Though CEO Daniel Ek remains happy, and the company’s CFO says it’s looking at growth in terms of its “lifetime value.”
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