Spotify has released its latest financial figures and it revealed that the music streaming service has 100 million premium users. In total, the streaming service has 217 million users, 117 million of which are enjoying the free and ad-supported option.
Unfortunately, despite those numbers going up, Spotify can’t turn that success into profits, losing $158 million in the quarter. That figure really looks bad if you compare it to the $493 million in profit it made back in December.
However, the loss is better than the one sustained in the same period in 2018, where it lost $188 million. Unfortunately, Spotify has laid the blame for some of that loss at its employees (who, because the stock price rose, got bigger bonuses) and paying its fair share of tax.
The company is looking to podcasting as a way of shoring up its future since podcasts are cheap and have dedicated audiences. Despite just buying Anchor and Gimlet, Spotify has already seen revenue from its exclusive ad-supported podcasts rise, with more expected to come.
Spotify
