There is more to Spotify’s second-quarter earnings than just how many people are using the service. The documents also show that people returned to their normal habits (to a degree) since some of the COVID-19 lockdowns were relaxed (too soon). According to Spotify, it’s ‘in-car listening’ figures rebound to within 10 percent of what it was before the coronavirus lockdowns.
The virus has not even made much of an impact on the company’s mission to be the first to reach 300 million users. Spotify has announced that its total user base is now 299 million. Business is apparently still booming as people are get back to work (too early) and businesses start buying ads again (for now). Out of the almost 300 million users, just over 46% of them are premium tier members.
Spotify’s bet on podcasts is working out, as well, as 21 percent of its users are now listening to podcasts on their platform. Apparently that number will ‘continues to grow at triple digit rates year over year.’
Spotify’s revenue went up but its earnings fell. The company blames this on a couple different factors, As more families and students sign up to group and/or discounted plans, Spotify’s overall revenue per user goes down.
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