JAKARTA Spotify shared its third-quarter earnings report on November 12. The report noted that Spotify subscribers increased 12 percent year-on-year (YoY) to 252 million.
Not only is the number of subscribers increasing, Spotify's monthly active users also grew by 11 percent YoY. In the third quarter of this year, Spotify's total users, both free and paid, have reached 640 million.
In line with this achievement, Spotify's total revenue increased by 19 percent to 4 billion euros (Rp67 trillion). For its operating income, Spotify managed to pocket 454 million euros (Rp7.6 trillion) with a gross margin of 31.1 percent.
Spotify founder and CEO Daniel Ek revealed that this third-quarter earnings report proves that their position has strengthened compared to previous revenues. According to him, this progress was achieved thanks to the performance of his team.
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"The pursuit of innovation and commitment to this relentless growth prepares us to provide the most valuable user experience in the industry, while strengthening the core power that makes Spotify unique," said Daniel.
To attract more users in the following years, Spotify plans to expand its features to more countries. Like music video playback, for example, this feature is already available in 97 countries after testing in beta.
Spotify also continues to expand its AI Playlist feature which was originally only available in the US and Canada, Daylist or daily song recommendations with the support of dozens of languages, Countdown pages for musicians, AI DJs in Spanish, and much more.
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