Spotify has surged past 320 million monthly active users, an increase of 29pc year-on-year, as more consumers listened to music and podcasts following a lull brought on by lockdowns.
The world’s largest streaming audio service added 21 million monthly active users in the third quarter. That compared to about 316 million estimated by a consensus of analysts compiled by Bloomberg.
Paid subscribers grew to 144 million, a 27pc increase on last year, following marketng campaigns in India and Russia. That compares to Amazon Music, which has 55 million customers and Apple, with 60 million paying subscribers.
Total revenue was up 14pc over last year to 1.98bn euros (£1.79bn). Analysts tracked by Bloomberg expected between 1.93bn euros and 2.24bn euros.
The pandemic drove down music consumption earlier this year when consumers around the world stopped traveling or commuting. In May, figures became to rebound triggering optimism that the industry can bounce back.
Spotify said listening has recovered “to normal usage.” including in-car listening hours that are now above pre-pandemic levels.
Spotify was the most popular music streaming service in the UK during lockdown
New music releases on the platform during the third quarter were up 13pc compared to the prior quarter, led by Taylor Swift’s “Folklore” album, which set a record for the most first day album streams by a female artist.
Podcast listenership also suffered during the pandemic, but Spotify sees it as a major source of growth in the long term.
It’s been signing exclusive deals for podcasts from Joe Rogan, Michelle Obama and Kim Kardashian, and investors have been betting that the streaming giant can be a major player in the still-nascent industry.
The company said 22pc of its monthly active users listened to a podcast during the third quarter, up for 21pc in the second.
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