Music streaming giant Spotify has surpassed the 195 million paid subscriber mark, raising its subscribers by seven million during the last quarter. Let’s continue the discussion below.
Spotify Reached 195 Million Paid Subscribers
The company expects to reach 200 million by the end of this year.
Recent months have shown the company’s gross profit margin at 24.7%, two points lower than the previous year’s figure. The stock has also declined by 6% due to “unfavorable adjustment to prior period estimates for rights holder liabilities,” as the company says.
Spotify has strived to increase its library and pushed itself into more podcasts, reaching 4.7 million currently available audio. Even though podcasts haven’t been confirmed to be a win for the audio streaming app. The company says they are crossing into double digits in revenue.
On the other side, music streaming appears to be getting more pricey. As recently, Apple Music boosted its prices for users. And Spotify CEO Daniel Ek said he might follow the suit as well.
