Spotify’s long-running global growth doesn’t seem to be slowing and with the huge success of their podcasts their 2020 seems to be unaffected by the global impact of Coronavirus.
Spotify have unveiled their second quarter results in perhaps the most dramatic and uncertain year since they launched over a decade ago. Following on from years of continuous growth it looks like their new markets and increased focus on podcasts have kept them sailing forward.
The Q2 2020 financial results show that their total Monthly Active Users (MAUs) grew by an incredible 29% year on year. Their total MAUs around the world is now 299 million and still growing at an impressive rate.
Spotify finished Q2 2020 with 138 million subscribers which was an increase of 27% year on year. A hugely positive result but notably shows that uptake in free users is still larger than paying subscribers. Closing the gap between free and paying subscribers to move towards a majority Premium user base has been Spotify’s ultimate goal in recent years.
There has also been an increasing focus on their podcast content which they introduced in 2017 and have focussed on hard in the last 2 years. Now 21% of Spotify’s total users are “engaging” with podcast content which is 2% higher than the first quarter of 2020. Spotify have signed high profile podcasts exclusively to their platform like The Joe Rogan Experience to grow with both podcast and music lovers.
Whilst the report shows that growth was slowed slightly, probably in relation to COVID, in April and May across Latine America and “Rest of World” – including an increase in failed subscription payments – June then saw a positive rebound across the world.