Spotify recently released its earning report and things are looking good for the company both in terms of revenue and audience especially podcast listeners. Spotify’s podcast audience has doubled since the year began and has grown by over 50 per cent since the last quarter.
The company also boasts that it now has 108 million paying subscribers(Apple Music has 60 million paying users) as it added 8 million paying users in three months with a target of 110 million users. Spotify now has 232 million monthly active users.
Spotify recently acquired Gimlet Media, Anchor and Parcast early this year. They also announced their partnership with Barack and Michelle Obama’s media company, Higher Ground Productions for a multiyear podcasting deal.
According to the earnings, Spotify posted a 31% year-over-year growth in subscriber revenue to around $1.7 billion plus a 34% increase in ad-supported revenue.
Spotify’s investment on podcasts is fostering an increase in podcast advertising and the company expects that podcast ads will become a huge part of Spotify overall product by the end of 2020.
Spotify hopes to hit 245 million users by the end of the next quarter and 265 million by the time 2019 ends plus 125 million premium subscribers.