The audio streamer reported earnings Wednesday and said active users listening to podcasts increased from 19% to 21%. However, the amount of podcast content they’re listening to more than doubled. As we’ve been reporting, Spotify has been making huge investments in the podcast space.
At this point in time podcasting revenue is a small factor in the overall Spotify business.
Overall Spotify revenue in Q2 was $2.08. They lost 43 cents per share. One year earlier the company lost 46 center per share on revenue of $1.89 billion. Advertising revenue fell 21% in the quarter to $144 million. The decrease was blamed on the pandemic.
Spotify ended the second quarter with 138 million premium subscribers worldwide. The company now has 299 million monthly active users, a 29 percent increase compared to last year, while subscribers increased by 27 percent to 138 million.