Spotify kept packing on millions of listeners and subscribers for the third quarter of 2019, with the company claiming it’s growing twice as fast as chief rival Apple. The company also announ…
on Jan. 15, 2020, to be replaced by Paul Vogel, who is currently Spotify’s VP of financial planning and analysis, treasury and investor relations. Vogel is to be reappointed to the Spotify board, a role he held prior to joining the company as CFO.
For Q3, Spotify’s total monthly active users grew 30%, to 248 million, and paid subscribers were up 31%, to 113 million at the end of the period. Net subscriber growth “exceeded our expectations and was led by strong performance in both Family Plan and Student Plan” tiers, the company said in its earnings letter.
Relative to Apple, “the publicly available data shows that we are adding roughly twice as many subscribers per month as they are,” Spotify said in the letter. Additionally, the company said it believes Spotify’s monthly engagement is roughly twice as high and our churn is at half the rate of Apple Music. “Elsewhere, our estimates imply that we continue to add more users on an absolute basis than Amazon,” Spotify said.
For Q4 2019, Spotify forecast total MAUs of 255 million-270 million; Premium subscribers to be 120 million-125 million; revenue to be $1.93 billion- $2.15 billion and operating loss between $34 million-$145 million .
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