Spotify surpassed 100 million subscribers on the finish of March, the music streaming service stated Monday in its first-quarter report.
That retains Spotify above its closest competitor, Apple Music; Apple CEO Tim Cook stated in January that Apple Music hit 50 million subscribers on the finish of last year.
As society worldwide has shifted to streaming because the most common way people listen to tunes, Spotify and Apple Music have damaged away because the two leaders in a race to dominate subscription music. Spotify is the most critical streaming service by each subscriber and people who pay attention free of charge on the planet; however, Apple Music reportedly has been outstripping Spotify’s progress in the US, which is the world’s most significant marketplace for recorded music.
Spotify’s development within the newest quarter hit the highest finish of the variety that it had predicted in February. Looking forward to the middle of this year, the corporate predicted it could acquire one other 7 million to 10 million paying members.
Apple did not instantly reply to a request for remark.
Spotify additionally stated Monday that 217 million folks now use its service a minimum of as soon as a month and it expects this variety of whole month-to-month energetic customers — which incorporates everybody who listens to Spotify free with promoting — would rise to 222 million to 228 million by the center of the yr. In contrast to Apple, Spotify has a free tier that lets anybody listen to music with promoting. Apple has by no means disclosed a monthly-active-consumer stat; nearly all individuals who use Apple Music are paid, subscribers.
Within the first quarter, Sweden-based mostly Spotify reported a lack of 142 million euros, or 79 cents a share, narrowing from a lack of 169 million euros, a year earlier. Revenue jumped 33% to 1.51 billion euros within the quarter.
Spotify shares had been 1% at $136.93 in latest buying and selling.