bottom line: Spotify ended the first quarter with 182 million premium subscribers, narrowly missing its original target of 1 million. He claims this is due to the suspension of his services in Russia, though the recent controversy over the Joe Rogan podcast probably didn’t help either. Shares of Spotify fell 12 percent after the report.
While Netflix had one of worst quarters in Spotify’s history seems to be better. In its latest earnings report, the company announced that the number of premium subscribers rose to 182 million. This is a 15 percent increase over last year and an additional 2 million over the end of 2021. Total monthly active users increased 19 percent year on year to 422 million compared to 406 million last year.
Spotify originally expected to reach 183 million subscribers in the first quarter, claiming it missed that mark due to the suspension of its services in Russia. Because of this, the company lost 1.5 million paid users, and another 600,000 outages are expected in the second quarter. Considering the controversy Spotify has endured this year, that’s still impressive growth.
Since 2021, we have built another strong block building. Thank you for your tireless work @Spotify team on behalf of creators and listeners around the world https://t.co/jnNPFgm9YK pic.twitter.com/ddq1NiJf5n
— Daniel Ek (@eldsjal) April 27, 2022
In January, Neil Young and Joni Mitchell remote their music from the platform to protest the misinformation about the vaccine that they believed Joe Rogan’s podcast was spreading. Soon after, the #SpotifyDeleted hashtag went viral on Twitter as more people started boycotting the company.
Spotify is the world’s largest audio streaming service, according to a MIDiA report. declaring in the second quarter of 2021, it controlled 31% of the market. Apple Music was in second place with a market share of just 15%.
In other news: Spotify’s lossless audio streaming feature, aptly named Hi-Fi, still has no official release date. Initially unveiled in February 2021, the company said it will be released later that year.
Credit: www.techspot.com /