Spotify hits 433 million monthly active users riding on India’s growth

New Delhi: Riding on a better-than-expected performance in the Indian market, Swedish music-streaming platform Spotify on Wednesday said it now has 433 million monthly active users (MAUs), up from 1

9 million year-on-year (YoY) and the company’s highest-grossing monthly active users (MAUs). more than a guide. 5 million. Spotify’s premium subscribers grew 14 percent to 188 million in the April-June quarter, up from 182 million in Q1. “Quarterly performance was impacted against our guidance in India, Indonesia and the Philippines as a result of increased marketing campaigns and increased OEM intake,” the company said in a statement.

The company said excluding the impact of the Russia exit and the “service outage benefit” it experienced in March, it added 19 million MAUs in the quarter, its biggest quarter in history. Its net loss in the quarter was $197 million on revenue of $2.9 billion. ,ALSO READ: Gold prices fall by over Rs 130, check rates of yellow metal in your city,

The company said it now hosts 4.4 million podcasts on the platform, and that “the number of MAUs associated with podcasts grew by substantial double digits year over year and the podcast consumption rate per user continued to increase.” ,ALSO READ: Zomato shares rise nearly 7% as analysts see huge order volume,

The company said advertising revenue grew 31 percent to reach 13 percent of total revenue, reflecting growth across all regions and sales channels. “Our music business saw healthy double-digit growth and podcast revenue growth in the strong double-digit range, led by the Spotify Audience Network,” the company informed.

In June, Spotify announced plans to slow headcount growth to 25 percent by early Q3, while also taking a closer look at marketing activity. “While we continue to monitor the uncertain macro environment, we are very pleased with the resilience of the business, particularly our strength in MAU and customers,” the company said.