Spotify reaches 100 million subscribers worldwide, still losing money

“Spotify now has 100 million paying users around the world, the company said on Monday,” Ben Sisario reports for The New York Times.
“In its first-quarter earnings report, Spotify said it had 217 million users around the world, up from 207 million at the end of last year. Of those, 100 million are paying subscribers, compared with 96 million at the end of 2018,” Sisario reports. “In its most recent quarter, Spotify, which is based in Stockholm, had revenue of 1.5 billion euros, about $1.7 billion… It had a net loss of €142 million, or about $158 million.”
“The company’s main rival is Apple, thanks to the iPhone maker’s introduction in 2015 of Apple Music, which has 50 million paying users around the world. [Spotify launched in in 2008],” Sisario reports. “Unlike Spotify, which offers a free plan that includes advertising, Apple Music is available only by paid subscription.”
Read more in the full article here.
MacDailyNews Take: Enjoy it while it lasts, Spotify. If burning thru $158 million per quarter is somehow enjoyable.
Last November, Financial Times reported that Apple Music had 56 million subscribers, up from 50 million in May.
Unlike Spotify, Apple is not opposed to paying songwriters more.
Maybe we’ll get an official Apple Music subscriber update during tomorrow’s Q219 earnings conference call.
SEE ALSO:
Apple is the real winner in Spotify’s battle against paying songwriters more – April 9, 2019
Apple Music overtakes Spotify in paid U.S. subscribers – April 5, 2019
Apple will not appeal songwriter royalty increase, digital music competitors Spotify, Google, Pandora, and Amazon – March 7, 2019
Spotify, Apple, YouTube lose as Copyright Royalty Board raises streaming music royalty rates – January 29, 2018