On October 29, the Swedish company Spotify, which owns the music streaming service of the same name, released its financial report for the third quarter of 2020, which ended on September 30.
The main thing from the report is that the Spotify audience has exceeded 300 million people. More specifically, the world's most popular music service is enjoyed by 320 million people. The number is certainly impressive and an impressive achievement. At the same time, more than half of the Spotify audience (176 million) are owners of free accounts with ads and restrictions.
At the same time, Spotify's paid subscribers increased from 113 million to 144 million over the year. Spotify's closest competitor in terms of paid subscribers is Apple Music. Apple last shared statistics in June 2019, when it was reported that the number of paid subscribers to the Apple Music service exceeded 60 million.
Spotify generated в‚¬1.975 billion in revenue last quarter, up 14% from last year. Operating profit increased by 11%, reaching в‚¬489 million. Free cash flow received after deducting from the operating cash flow of capital expenses also increased significantly вЂ” from в‚¬48 million to в‚¬103 million.
40% of Spotify premium users are European (+ 1% Q2 2020), followed by North America with a 29% share.