It’s the halfway point for 2019 and Spotify have just shared how they’re doing so far, and it’s better than even they predicted.
Spotify’s second quarter financials for 2019 show that the music streaming service is still leading the way with incredible growth. With 29% growth of monthly active users from the same time last year, Spotify now has 232 million listeners coming every month for their music streaming fix.
Spotify’s focus in recent years has been converting as many free users into paying subscribers. They’re edging towards 50/50 Premium to Free users with 108 million subscribers, showing quicker year-on-year (YoY) growth than overall users at 31%.
In their report Spotify cite the launch of new products broadening their scope and access and driving even further growth going forward. Their recent focus on podcasts is also driving growth with an emerging platform of content separate from music.
They report that tens of millions of users are now streaming podcasts every month. Spotify reported a new exclusive deal with President Obama and Michelle Obama’s production company Higher Ground to bring a range of brand new and high profile podcasts to the service.
Spotify said in their report: “As a company, our goal is to continually innovate by testing and learning from new product launches. Of note, we rolled out Spotify Lite more widely, and this offering is now available in 36 markets.”