Spotify’s (SPOT) putting that ‘get pumped’ playlist on as it recorded 19% year-on-year (YoY) gains for its Q3 monthly active users. The company saw Spotify Premium subscribers increase by the same amount as well, reaching 172 million, while active users hit the 381 million mark.
The company’s quarterly earnings reports also labeled it as the most-listened podcast platform in the US with 13% of revenues originating from there, coming as no surprise given the heavy investments the firm’s been making in the space. The platform now has over 3 million podcasts, with podcast listeners consuming 20% more content than the previous year. This led to a 4% YoY increase in its average revenue per user figure. Spotify’s total revenues stood at $2.9b, a 27% increase, while it also saw a 75% YoY increase in advertising revenue.
why it matters
Spotify’s one of the few streaming platforms that release user numbers, and for good reason — it really wants to strut its stuff. Its latest count puts it up there as the biggest music streaming service in the world. Spotify stock is surging high as it closed off yesterday at an 8.2% increase.