Spotify's Revenue Doesn't Reach Target Despite The Number Of Premium Customers Up 5 Million

JAKARTA The number of Spotify users is growing. Although user data seems to increase compared to the same quarter last year, the company's revenue is not as expected.

According to a Bloomberg report, the music streaming service subscriber rose 12 percent to 268 million. This means that there are more than five million subscribers who have just subscribed to Spotify Premium. Not only that, the number of monthly active users has also increased.

Spotify's earnings report notes that monthly active users have increased to 678 million, up to 10 percent compared to the first quarter of the previous year. This news should have attracted investors, but the opposite happened.

Spotify's profit failed to reach the target. This happened because the company's shares fell by 6 percent with a profit report per share of 1.07 euros (Rp20 thousand). In fact, the company targets a profit per share of 2.13 euros (Rp40 thousand).

It also affects global revenue. Despite an increase of 15 percent from last year, the revenue is lower than projected. The company only raised 4.19 billion euros (Rp79.8 trillion), while the projection was 4.2 billion euros (Rp80 trillion).

Pendapatan yang tidak mencapai target ini terjadi karena pajak salary yang meningkat di beberapa wilayah. Pendapatan ad juga menurut karena cutan belanja ak digital dan nilai tukar mata uang yang tidak menguntung di sejumlah negara.

Looking at this data, Spotify CEO Daniel Ek is optimistic about the increase in the next quarter. The platform is projected to reach 689 million monthly active users in the second quarter and the number of premium subscribers has increased to 273 million.