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Spotify now has 83 million paid subscribers

Music streaming leader Spotify now has 83 million paid subscribers. Recently Spotify released its quarter-earnings of 2018. It has reached 83 million paying subscribers and 180 million monthly users. Spotify grew by very impressive 8 million new paid subscribers. The company’s previous earnings report came out in May and claimed that it had 75 million paid users and 170 million active users.

The figure reported in just the second financial report since the Swedish company’s April debut on the New York Stock Exchange topped the 82 million average estimate in Reuters poll of analysts. The company’s overall revenue is $1.93 billion which is 26% increase year-over-year. Moreover, Spotify spent $638 million on its operating cost. Although the music streaming service is not making the profit despite the growth in the revenue. Spotify also disclosed that it saw a net loss of €394 million and the operating loss of €91 million during the second quarter.

The company said in the statement –

“We did see some GDPR disruption across our European Markets during Q2 but seem to be largely past that now.”

Spotify offers family plans which allow multiple users to be grouped under one subscription. Therefore, it becomes cheaper than individual subscription. It is exciting that Spotify is still growing in the market while competing with Apple Music, Google Play Music, and new YouTube Music Premium. Spotify remains one of the biggest companies in streaming music. Though earlier this month it was reported that Apple managed to takeover Spotify in the US market. But it’s possible that new 8 million subscribers might have helped Spotify to regain its position in the US market.

Spotify offers family plans which allow multiple users to be grouped under one subscription. Therefore, it becomes cheaper than individual subscription. It is exciting that Spotify is still growing in the market while competing with Apple Music, Google Play Music, and new YouTube Music Premium. Spotify remains one of the biggest companies in streaming music. Though earlier this month it was reported that Apple managed to takeover Spotify in the US market. But it’s possible that new 8 million subscribers might have helped Spotify to regain its position in the US market.

In the future, Spotify estimates that it may have a total of 188 to 193 million monthly active users during the third quarter. Music isn’t going anywhere so we hope to see more expansion of Spotify in coming years.

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