Stockholm (Reuters) – The music streaming market leader Spotify has not won in the last quarter as many paying users as hoped. Within three months, the number of subscription customers increased from 100 to 108 million. While this was in the context of the forecast margin, Spotify was aiming for about a Million more.
The company stressed at the same time, the reason was not a weakness of the market, but home-made problems in the distribution of student subscriptions. For the fourth quarter of Spotify will have up to 125 million paying users.
The subscription customers are extremely important to Spotify – you brought the Streaming service 90 percent of the total turnover of around 1.67 billion euros. The revenue also grew year-on-year by 31 percent. The bottom line is that Spotify wrote to the red, reduced the loss of 76 million euros from 142 million a year earlier. The Spotify-share lost in the premarket US trading, a good three per cent.
most of The Spotify users have access to the Free Version of the service with ads and a limited set of functionality. The total number of users grew within a period of three months from 217 to 232 million, and thereby exceeded the forecasts of Spotify. The average revenue per user was 4,86 Euro 4,71 Euro in the first quarter.
Spotify had recently invested heavily in Expanding its Podcast offerings, and it shows. The number of Podcast users is increased within three months to 50 percent and have doubled since the beginning of the year, it said.
Spotify is the clear number one in the music streaming, Apple’s Music follows with a good 60 million subscription customers. The iPhone group dispensed with his services on a Free variant. Spotify boss Daniel Ek said in a conference call with analysts as a swipe at Apple, his company waxes twice as fast as the nearest competitor.
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