Comments
Spotify has seen a significant rise in monthly active users and premium subscribers in the fourth quarter of 2020.
The total MAUs on the platform grew 27 per cent year-on-year to 345 million in the quarter.
Net additions to MAUs increased to a record 74 million compared to 64 million in 2019. The platform added 25 million new MAUs in Q4 driven by growth in India, the United States and Western Europe.
“In Q4, we added 25 million MAUs and benefited from faster growth in India, US, and Western Europe, with India serving as a notable source of upside vs. our forecast driven by successful marketing campaigns,” the company said in a letter to its shareholders.
The audio streaming platform has been bullish on podcasts, with new features and acquisitions over the past year. This seems to have paid off as the hours spent on podcasts nearly doubled YoY.
The platform also witnessed greater engagement for its 2020 Spotify Wrapped campaign launched in December.
“Within the first 24 hours of launch, the campaign exceeded the total engagement numbers for all of 2019. In total, more than 90 million users engaged with Wrapped content this year (vs. more than 60 million last year),” it said.
In terms of Premium subscribers, Spotify witnessed a 24 per cent Y-o-Y growth in subscribers to reach 155 million in the quarter.
Net additions for the full year grew to a record 30 million compared to 2019 net additions of 28 million. In Q4, Spotify added 10 million subscribers, “with all regions contributing to growth, led by Europe and North America,” it said.
The company this quarter also launched its Spotify Premium Mini offering in India and Indonesia, which gives users daily and weekly access to a subset of their favourite Premium features for a lower price.
“Despite the global uncertainty of 2020, it was a remarkable year for Spotify. Following a strong Q2 and Q3, Q4 met or exceeded our guidance by nearly every metric,” said Spotify CEO and founder, Daniel Ek.
“ I want to thank all the Spotify employees who stayed focused on our creators, fans, and partners around the world this year, and for executing at such a high level. While it’s still early days, it’s clear to us that our strategy is working,” added Ek.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.