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Audio streaming platform Spotify has gained 320 million monthly active users (MAU) across the globe, the company said on Thursday.
At its Q3 earnings call, Spotify said that it had witnessed a 29 per cent year-on-year growth in MAU “buoyed by India, which benefited from successful marketing campaigns, as well as stronger than expected results from the July launches in Russia, CIS, and the Balkans.”
The platform also witnessed a 27 per cent YoY growth in subscribers. Spotify now has 144 million premium subscribers on the platform.
“We saw strong subscriber growth across all regions, with added benefit from our new market launches in Russia and surrounding territories. Russia has been our most successful new market launch to date and represented the largest portion of subscriber out-performance for the quarter. Additionally, we saw strong performance from the global rollout of our Duo product, with the Duo subscriber growth exceeding our expectations,” it said.
Content consumption
Along with a 19 per cent growth in revenue, content consumption on the platform has also remained above pre-Covid levels, the platform said.
“From a content consumption standpoint, global consumption hours surpassed pre-Covid levels during the quarter, and all regions have fully recovered. Consumption trends by platform have returned to normal usage, including in-car listening hours which is now above the pre-Covid peak. Usage on connected devices inside the home, which saw a spike during lockdown, also remains above pre-Covid levels,” it said.
Spotify is highly banking on podcast content to drive up this content consumption. About 22 per cent of the platform’s MAUs now engage with podcast content, it said. The platform now has over 1.9 million podcast titles.
In India, Anchor, a Spotify company, has added more than 25,000 podcasts from India this year.
Spotify also saw a 13 per cent increase in new music releases compared with Q2.
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