The world’s largest provider of streaming music, Spotify, now has 195 million paid customers, an increase of seven million over the previous quarter.By the end of this year, the business already anticipates crossing the 200 million mark.
The company’s gross profit margin was 24.7% in recent months, which is two percent less than the figure from the prior year. According to the firm, the stock has also fallen by 6% as a result of “unfavourable revision to prior period projections for rights holder liabilities”.
With 4.7 million audio tracks now available, Spotify has worked to expand its catalogue and push into new podcasts. Despite the fact that podcasts haven’t been particularly successful for the audio streaming app.
On the other side, it appears that music streaming is becoming more expensive. Recently, Apple Music raised its user fees, and Spotify CEO Daniel Ek hinted that he would follow suit.
