Spotify Posts 138 Million Paid Subscribers, Big Operating Loss in First Earnings Entirely During Pandemic

Spotify logo is displayed on the screen of a smart phone on Jan. 1, 2020.

Total revenue in the second quarter was €1.89 billion , up 13% year over year but only 2% higher than Q1's €1.85 billion tally. The vast majority of Q2 revenue came from subscriber income, which grew 17% y/y to €1.76 billion , meeting the company's earlier guidance. Due to the effects of COVID-19, ad-supported revenue dropped 21% during the quarter to €131 million — though CEOSpotify's share price fell to 6% $251.03 on Wednesday morning from Thursday's $267.

The firm's net loss also ballooned to €356 million , compared to €76 million in the year-ago period. Spotify's premium average revenue per user was down 7% y/y to €4.41 with the dominant driver being"product mix." Operating expenses totaled €646 million for the quarter, up 48% y/y and well above forecast, the firm said. Spotify currently has 6,049 full time employees globally.

It's not surprising, because KINGS ARE BACK!!!🔥🔥 MTVHottest BTS_twt

JoeBudden JoeBuddenPod thisisrory MAL___ parksmusic looks like they’ve got yall money fellas lol

ok

Yeah.. Because of BTS, we downloaded Spotify 😊

Good. It’s way they deserve for blackballing Nicki Minaj. Onika voodoo bitches

Stream Zayn's second album 😗✌

Spotify for music 👍

ok

ADD SOUL TO YOUR SPOTIFY PLAYLIST NOW!

they should pay their artists more

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