Spotify hits 124 million Premium paid subscribers

New York, Feb 5 (IANS) Swedish music streaming service Spotify on Wednesday announced total revenue of 1,855 million euros that grew 24 per cent Y/Y in Q4 of 2019.

Spotify Premium revenue was 1,638 million euros, up 24 per cent Y/Y, while ad-supported revenue was 217 million euros, up 23 per cent Y/Y.

Premium paid subscribers, which account for nearly 90 per cent of its revenue, were 124 million.

“Total monthly active users grew 31 per cent Y/Y to 271 million,” said the company.

This was the highest net add quarter for Spotify ever experienced, and the fastest it ever added 10 million subscribers in a quarter.

“We continue to see exponential growth in podcast hours streamed (up approximately 200 per cent Y/Y) and are now seeing clear indications that podcast usage is driving increased overall engagement and retention,” said the company.

Operating expenses were 551 million euros in Q4 which increased 80 per cent Y/Y.