Spotify have shared where they stand after the first quarter of the year and things are looking great for the world’s biggest music streaming service.
Spotify’s first quarter report shows that their growth is still booming worldwide years after they started to become many peoples first stop for music. Amongst impressive financials and their move into new products, Spotify are celebrating 100m subscribers worldwide at last.
With 32% growth year-on-year Spotify are quickly approaching a 50/50 free to Premium userbase. This is massively important for Spotify who faced criticism in recent years for devaluing music, resulting in a push on paid subscriptions from Spotify. 26% user growth YoY means Spotify now have 217 million monthly active users and shows that Premium is growing quicker than overall new users.
One of Spotify’s biggest achievements so far this year has been launching in India. Spotify launched an office in Dubai early last year pre-empting a launch in India which didn’t come until a year later. Now since launching at the beginning of March Spotify have gained 2 million subscribers in less than 2 months in the territory.
Spotify’s report also highlights their new love for podcasting which they’ve been investing in as part of their goal to become the leaders of digital audio, not just music streaming. There are now over 250,000 podcasts on Spotify including from a variety of podcast production companies that they have acquired recently.