Spotify, one of the most popular music-streaming platforms in the world, just achieved a major milestone. The platforms just surged over a global listener milestone, as its number of users surged by 29 percent to 320 million in the third quarter. Besides those that listen to free music with adverts, the paid members on the platform also surged by 27 percent to 144 million, according to the firm.
The recent achievements further make Spotify the largest subscription music service in the world and the best platform to make artist voice heard. Spotify continues to hold its position over its immediate rivalry – Apple Music, which is in the second position. In over a year, Apple Music has not updated the public on the figures of its memberships. Apple Music has also recorded enormous growth over the year, and its service had more than 60 million subscribers back in June 2019.
Unlike other streaming platforms such as Apple Music, Spotify has a free mode that allows anyone to listen to free music with ads. The growth of Spotify in the number of persons that use its service a minimum of one time in a month – the 320 million – was slightly higher than what the firm predicted back in July.
In July, the maximum prediction of the firm was 317 million active users a month. The total number of subscribers on the platform corresponded to the top end of its prediction in July. The fourth-quarter predictions of the firm are also more bullish, as it forecasted year-end active monthly users between 340 and 345 million with premium paid accounts from 150 to 154 million.
There has been a significant shift in the music industry, and the culture at large has shifted many things to streaming. Streaming is now the most popular and easy way people now listen to music, and this has made Spotify and Apple Music emerge as the front-runners in a battle to dominate subscription music.
Spotify is the largest music-streaming platform in the world by both active listeners and subscribers. Nevertheless, Apple Music has gained from the popularity of the iPhone in bringing new members on board. Apple has been slow to respond to updates on the growth and success of Apple Music. On Thursday, the number one music-streaming service in the world – Spotify – said that the number of listening hours on the platform outpaced pre-COVID marks during the third quarter.
There has been normalcy in listening trends as well, with the number of hours people listen to Spotify in their car returning over the pre-COVID peak. The firm also added that usage on devices in the home, which surged enormously during the lockdown, is still over pre-COVID marks.
Sweden-based Spotify recorded a loss of $118.7 million in the third quarter. Revenue surged by 12 percent to 1.975 billion euro still in the third quarter. According to Thomson Reuters, on average, analysts expected a loss of $0.56 on revenue of 1.999 billion euros in this latest period. In light premarket trading, the shares of Spotify were down by 3.8 percent at $265.55.