Spotify has succeeded in breaking the 300 million user threshold worldwide after its most recent successful launch in Russia. With this success, the company was able to open the gap between its strong competitors.
Spotify crossed the 300 million user threshold around the world
The world-famous music platform currently has over 320 million active users and over 140 million paid subscribers. The company announced in its last financial statement that there was an increase of 27 to 29 percent compared to previous years. The biggest reason for this profit was the increase in users, which was achieved by launching in 12 countries around Russia, as well as the marketing campaigns in India. In its statement, the company evaluated its entry into the Russian market as its best market launch to date.
The number of users and subscribers of the platform allows the company to easily get ahead of Amazon and Apple, which are among the biggest competitors of the company. According to reports released by the Financial Times, as of January this year, Amazon Music has 55 million members, almost all of which are on paid subscription. While it was stated that Apple had nearly 60 million subscribers last year, it was stated in the report that it did not offer any campaigns other than promotions and free trials.
Despite all these developments, the Scandinavian company made a loss of 118 million dollars in addition to its 3-month growth. The reason for this loss is stated to be the company’s effort to attract new users and grow its base with discounted packages. On the other hand, the company offered more than 1.5 million podcast services to its members in the last quarter. In addition, published reports stated that 22 percent of the users interacted on the application using only podcasts.