Spotify’s monthly active users (MAUs) surged 27% to 551 million, up 36 million, and subscribers grew 17% to 220 million, up 10 million. The increase comes as Spotify followed its competitors to raise subscription prices in 50 countries.
Total revenue grew 11% over the previous year to $3.53 billion. But losses at Spotify also grew to $273 million (or – $123 million on a constant currency basis) partly because of Q2 expenses related to Spotify’s “efforts to become a more efficient and stronger business.” This included employee buyouts and severance packages.
Though the streaming giant had previously indicated that they wouldn’t be raising their prices, instead opting for a tiered system, it seems that the inevitable price rise that did in fact come hasn’t had much of a negative affect on Spotify’s user base… yet.
Whether this growth will continue as users start to feel the affect of the price rise remains to be see. For now though, the worlds leading music streaming service continues to solidify their position.