Spotify are one of the world’s favourite music streamers and their Q3 report for 2019 shows paying users are finally growing the fastest.
Spotify have released their report for the third quarter of this year. It shows their music streaming platform still has consistent growth even over 10 years later with a 30% year on year increase in users.
2019 has seen Spotify shift their focus away from music streaming to expand their platform. Whilst music remains the focus, Spotify have pushed hard on podcasts this year adding over 500k overall, purchasing podcast production companies, and creating new tools just for podcasters and their listeners. Podcast growth has been 39% on just the last quarter.
With an emphasis on diversifying themselves Spotify have no doubt helped to draw in new users as well as keep existing users dedicated. With 248 million reported users in their Q3 report, that’s 30% up from the same time last year when Spotify announced 191 million users.
Since launching, and particularly in recent years upon pressure from investors, Spotify have been focusing on driving Premium subscribers with their free streaming meant to be more of a promotional feature. Now paying subscribers are growing faster than overall monthly active users.
Premium Subscribers grew 31% on last year, from 87 million to 113 million. Spotify have credited this years enhancements to their family plan as well as strong performance in their student offerings as driving the growth.