Swedish music and podcast streaming giant Spotify has hit a tremendous milestone.
The company officially has more than 100 million Premium subscribers, according to the company’s Q1 2019 earnings report, which was released Monday morning.
In their report, they noted that they had 217 million users total, of which roughly half were paying, and in turn bypassing the ad-supported tier.
The company posted a Gross Margin of 24.7% in Q1, which was above the high end of their guidance range of 22.5-24.5%.
This outperformance resulted “from a combination of outperformance of Premium Subscribers, slower than the anticipated release of original podcast content, and supply constraints of Google Home Mini devices,” according to the company.
Paid subscribers interestingly rose by 32 percent year over year, while the company lost more than €142 million ($213 million CAD).
While Spotify does maintain deficit, it does have some leeway globally with its nearest competitor Apple having a far smaller base of roughly 50 million paid users.
Apple does not have a free-ad supported tier but does beat Spotify in terms of paying users in the United States. There are allegedly 26 million American Spotify users in comparison to 28 for Apple Music.
What do you think about Spotify’s chances in the audios streaming market?
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