In their latest quarterly earnings report, Spotify has indicated that the company has hit the 100 million paid subscriber mark. The company cited promotions in the United States and Canada as being a key part of their quarterly success as well as the performance of their Family Plan.
Overall, Spotify saw a 32% increase year-over-year in paid subscribers for the quarter that ended in March. Their guidance had called for 97-100 million subscribers for the quarter. In total, Spotify has 217 million users with 117 million of those being free and ad-supported customers.
To put this in better perspective, Apple has some 56 million paid subscribers to Apple Music. They are a solid number two in the market but clearly have catching up to do to Spotify. We should see updated numbers tomorrow from Apple as part of their earnings conference call for last quarter.
Digging into the Spotify numbers a bit more, the company also benefited from launching their service in India. Spotify launched there in February 2019. It represents a big market for the company and they had one million subscribers the first week it was offered there.
The company also saw total revenue jump 33% year-over-year. The company reported a 3.1% operating loss with net cash flows at $209 million.