Spotify rapidly grows, going toe-to-toe with Apple Music to be the top global music streaming service. Spotify’s latest quarterly earnings have come in, showing a huge growth with continued operating losses.
The good news? Spotify has hit 83 million paid subscribers, a big increase from the 70 million paid subscriber count last released. That represents a 13 million paid subscriber growth in the span of several months. Spotify also grew its total users to 180 million, meaning nearly half of all users are paid subscribers.
The bad news? Spotify once again worked under operating losses, aka the service has not entered profits territory yet. The losses have increased, with a total OL of 394 million euros (or $459 million). This marks more than double of Spotify’s OL since last year.
Despite the worries about profitability, investors reportedly remain optimistic about Spotify. Will the streaming service ever reach profitability? The jury is out on that one, but we’ll keep enjoying our Discover Weekly playlists in the meantime.
H/T: The Motley Fool