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The number of active users of Spotify rose from 138 million to 180 million last year. The number of premium users has also increased from 59 million to 83 million since the second quarter of last year.
In Spotify's quarterly report, released Thursday, the relatively new family package and student offers are mentioned as the key to the continued increase in users.
The increase is in line with their expectations for the quarter, but despite this, the company records a pre-tax loss of 392 million euros. That's 205 million more than the same period last year.
Sales also increased and reached nearly 1.3 billion euros, compared to 1 billion euros last year. Even this increase was in line with expectations.
Spotify is a world leader, but competition is on the rise in the US market. Last spring, Apple confirmed to Techcrunch that its streaming music platform reached 40 million paid subscribers, most of them from the United States.
Overall, Apple Music has left Spotify, which has 83 million premium customers. But only 31% of them, about 27 million, are found in North America.
At a conference call for investors regarding the publication of their quarterly report, Daniel Ek, CEO and Founder, states:
– Our global growth of Subscribers continues to be very strong and continues to growth objectives. In the United States, we are also performing well and growing rapidly. We continue to see great opportunities for the future growth of paid and advertising-funded users in the United States.
– The streaming market is still at an early stage and we are the world's largest streaming service for music. In response to the report, increased Spotify's shares to record levels and circulated around SEK 188.
High benchmarks and many positive analysts contributed to the positive price trend.
The stock was listed on the New York Stock Exchange in early April
The quarterly report follows Spotify's first report as a publicly traded company in May, when the company's share falls after a result lower than expected and a dark and unexpected forecast. The company expects sales of 1.1-1.3 billion euros in the second quarter and that the number of bet Aland subscribers would increase to 83 million.
Before the next quarterly report they expect that the number of active users will still grow between 188 million and 193 million. Premium users estimate that they increase between 85 million and 88 million.
By the end of the year, they estimate that they can reach more than 200 million active users and 97 million premium users and suffer a loss of 330 million. euros throughout the year.
Prior to the IPO in April, Spotify stated that the company was planning to return to 330 million euros for the year 2018.
The course of the year Spotify's stock rose more than 5% on the New York Stock Exchange.
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