Todd Spangler NY Digital EditorSpotify turned in strong numbers for the second quarter, beating expectations for total and paid subscriber adds and reporting 23% revenue growth.Monthly active users grew 19% to 433 million, a net gain of 19 million in Q2 and 5 million above guidance — Spotify’s largest ever Q2 growth.
The company attributed the gains to reactivations in Europe and “Gen Z strength in Latin America.”Spotify’s Premium Subscribers grew 14% to 188 million, topping its guidance by 6 million, “aided by promotional intake and household plans,” the company said in announcing results.Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.Total revenue was €2.9 billion, up 23%, and ad-supported revenue jumped 31% to €360 million, reaching an all-time high as a percentage of total revenue at 13%.
Spotify reported a net loss of €125 million for the period. Spotify’s previous guidance was to hit 428 million monthly users and 187 million paying subs, with revenue of €2.80 billion and a net loss of €197 million.In a June 15 memo, Spotify chief Daniel Ek told staffers the company was trimming hiring plans by 25% amid broader economic uncertainty.By 2030, Spotify expects to top 1 billion users worldwide, more than double its current count, company execs said at its investors day event last month.
It also revealed that Spotify’s podcast business generated nearly €200 million in revenue in 2021, with a negative gross margin of -57%.
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