Category: General|Feb 6, 2020 | Author: Admin

Spotify has 125 million paying users - yet lost NOK 2 billion

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The company has also announced the acquisition of yet another podcast company.

The company has also announced the acquisition of yet another podcast company.

On Wednesday, Spotify released its fourth-quarter results for 2019. The figures show that the company now has 271 million users, an increase of 31 percent compared to the same time a year ago. The number of paying customers has increased by 29 percent, which means that 125 million customers pay for the service worldwide.

Spotify was able to report revenues of € 1.9 billion, NOK 19.3 billion.

But despite user growth, Spotify lost NOK 2 billion last quarter. Some of the loss is due to promotional offers that have given users free access to the Premium subscription, the company explains. The Swedish company is facing several major losses through 2020 - this is justified by 2020 being a year for investment.

Podcast listening to the weather
However, the podcast initiative has reaped fruits. In the fourth quarter, podcast listening had increased by 200 percent compared to the same period the year before. Today, Spotify announced that they have also purchased podcast-centric company The Ringer. Spotify retrieves all 90 employees from the company and the goal is to offer more self-produced podcasts. The streaming service now consists of more than 700,000 podcasts.

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