Spotify announced its current subscriber count with its second-quarter report. Although the company continues to grow overall, it is losing money. Constantly increasing the number of its subscribers, Spotify has difficulties turning it into a profit.
Spotify has 188 million Premium subscriber but is losing money
Spotify had reached more than 180 million paid subscribers by the end of 2021. The number of monthly active users of the company was over 406 million. In the first quarter of 2022, the service reached 182 million paid subscribers. The number of monthly active users of the company in the first quarter of 2022 increased to 422 million.
In the second quarter results of 2022, announced today, it was reported that 188 million paid subscribers were reached. The total number of users reached 433 million. According to Midia Research research shared in the past months, the online music service market leader was Spotify, with a market share of 31 percent in the second quarter of 2021.
Apple Music was in second place with a market share of 15 percent. The third place was shared by Amazon Music and Tencent Music with a 13 percent market share. While YouTube Music followed with an 8 percent market share, other names were listed as NetEase, Deezer, and Yandex, which are not well known in the field.
Spotify has created some marketing campaigns to increase the number of subscriber. It has lost $197 million in the last three months for these campaigns. The company relies on both subscriptions and advertisements to cover these losses.
Despite all this, Spotify does not give up its leadership in the industry, despite its rivals such as Apple Music. The current subscriber count of Apple Music is still unknown. Apple does not prefer to share this. Unfortunately, there is still no news about the company’s long-awaited HiFi package.
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