Media streaming giant, Spotify, announced that it now has 195 million paying subscribers and expects to cross the 200 million mark by the end of 2022. This is an increase of 7 million since last quarter. Total monthly active users stands at 456 million with net additions reaching a record Q3 high of 23 million at the end of the third quarter
Total Revenue grew 21% Y/Y to €3.0 billion driven by Premium Revenue which grew 22% Y/Y to €2.7 billion
Spotify’s Ad-Supported revenue grew 19% Y/Y and reached 13% of Total Revenue, reflecting double-digit growth across all regions with the exception of Europe where it saw the impact of challenging regional economic conditions.
A notable fact is that the company has been pushing aggressively into the area of Podcast. There are now 4.7 million podcasts available on the platform, up from 4.4 million the quarter prior. This has translated to a double-digit growth in Podcast revenue. Podcast growth was led by the Spotify Audience Network, where sold impressions grew strong double-digits and CPMs increased double-digits.
Some of the Podcast initiatives include the recent Africa Podcast Fund which it offered $100,000 to 13 creators from different parts of Africa.
