Spotify have released their Q1 earnings report for the year, revealing how they’re doing following their best year ever and during an unprecedented pandemic.
Spotify have revealed that they’ve seen faster growth than ever before in the last year for overall users and subscribers specifically. They’ve built their service up a lot in the past year and it’s clearly paying off for the music streaming service.
Both paying subscribers and monthly active users grew by 31% from their Q1 2019 report. They now have 286 million total monthly active users and 130 million overall subscribers.
Whilst Spotify has launched in a bunch of new countries in the past year which has likely helped, they have also branched their platform out. Their effort to create the “world’s #1 audio platform” has seen them add over 1 million podcasts to take their service beyond music streaming.
Their expansion in content has broadened their appeal and widened their use so that more people are listening when they wouldn’t be. People listen to music at particular times but now many will stay on the same platform to listen to a podcast for commuting, going to sleep, relaxing and more when they’d otherwise have gone to another platform.
They haven’t left behind their music focus though, and have been expanding their options for artists. They have launched an emerging artist program to promote new music, new sharing options for Instagram, and are beta-testing Songwriter Pages to add to Primary Artist Pages.
Looking more recently, Spotify have launched new initiatives and features in light of the COVID-19 pandemic. They have raised a bunch of money for a variety of charities, encouraged others to do the same, and added a brand new feature for artists to add donation buttons for themselves or a cause of their choice to artists pages.
You can see their full earnings report here and see their highlights below.