Spotify hits 113m subscribers, up 5m in three months

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Spotify has announced that it ended the month of September with 113m subscribers and 248m total Monthly Active Users (MAUs) worldwide.

That subscriber number was up by 5m on the 108m subs base the platform hit at the end of June.

(In big news this morning, the company has also announced that its CFO, Barry McCarthy, is to exit his role in January 2020.)

The subscriber numbers were confirmed in a Q3 financial update today (October 28), in which SPOT confirmed that its premium subs count was up 31% year on year (on the same three months, to end of September, in 2018). The 113m is comfortably within the firm’s guidance range of 110-114m for Q3.

The average paying Spotify subscriber across the world (ARPU) in Q3 2019 paid €4.67, down 1% YoY, but actually down 3% excluding the impact from foreign exchange rates.

SPOT’s global Q3 Monthly Active User count (248m) was up 30% year-on-year, and up by 16m people quarter-on-quarter.

Spotify’s total revenue in Q3 2019 stood at €1.73bn, up 28% YoY. Premium/subscription revenue weighed in at €1.56bn, up 29% YoY.

Quarterly ad-Supported revenue of €170m grew 20% YoY.

Spotify posted a quarterly operating profit in Q3 of €54m.

The firm said: “For the 8th consecutive quarter, free cash flow was positive. We continue to see exponential growth in podcast hours streamed (up approximately 39% Q/Q) and early indications that podcast engagement is driving a virtuous cycle of increased overall engagement and significantly increased conversion of free to paid users.

“The correlations in our data sets are clearly apparent. We are working to prove causality. Overall, the business is performing strongly.”Music Business Worldwide

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