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Spotify has seen a sharp increase in the number of subscribers, thus strengthening its dominant position over competitors Apple Music . Currently, Spotify has 83 million subscribers, up 40% over last year. Ironically, Spotify's income is even a loser.
In the last quarter, Spotify recorded 75 million subscribers. In other words, Spotify earned 8 million additional subscribers compared to the previous quarter. Total, Spotify now has 180 million users worldwide.
Spotify has a growth rate of 5.9% per quarter. Ironically, Spotify suffered a financial depreciation. Spotify 's revenue rose 26 percent to 1.27 billion euros, but also suffered a considerable loss.
According to TechCrunch, Spotify suffered a net loss of 394 million euros and an operating loss of 91 million euros during the quarter. Spotify owes royalties to music labels as well as to artists . Spotify's shares also declined by 0.8%
Spotify is expected to reach 193 million users with 85 million to 88 million subscribers in the third quarter of this year. Spotify will do this by increasing the number of content creators on the platform.
Awawl July 2018, Apple Music has more than 20 million subscribers in the United States or the equivalent of Spotify subscribers. If calculated specifically, the number of Apple Music subscribers even exceeds the number of Spotify subscribers.
In other words, Apple is the leader of the music market in streaming in the United States, ahead of Spotify. Lucky, globally, Spotify still leads the market with Raihan's 75 million subscribers. [BA/HBS]
Source: Techcrunch
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