Home App Spotify has 220 million paid subscribers, posts €302m net loss for the quarter

Spotify has 220 million paid subscribers, posts €302m net loss for the quarter

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Spotify has 220 million paid subscribers, posts €302m net loss for the quarter

According to Spotify’s latest financial report, as of June 30 this year, the audio streaming service had 220 million paying users and 551 million monthly active users, an increase of 27% and 17% over the same period last year, exceeding expectations for the previous quarter.

However, the average revenue per user of Spotify has dropped by 6%, and is currently 4.27 euros. To boost revenue, Spotify has raised subscription prices in the U.S. and some other countries.

Spotify has also made some layoffs and adjustments this year. CEO Daniel Ek said the company’s focus this year is “speed and efficiency.” In January, the company laid off 6% of its global workforce, or about 600 people; in April, it shut down Spotify Live, which competes with Clubhouse, and Heardle, which competes with Worldle;

This quarter, Spotify’s net loss was 302 million euros, more than double the 125 million euros in the same period last year.

Spotify announced a high-fidelity streaming package two years ago that it said would bring CD-quality lossless streaming to the service, but it still hasn’t launched.