The music-streaming company has seen a rise of 20 percent in its paid subscribers for its premium service. The second quarter has seen a total revenue of EUR 2.33 billion, much more than the expected EUR 2.29 billion. The rise in its customers is from the data of Europe and North America. Its paid subscribers are 165 million in number after the second quarter. The company’s revenue mostly comes from its premium subscriptions. There is also a rise of 22 percent in its total monthly active users and this number reaches up to 365 million.
The company in its note to shareholders said that they had performed better than they expected. They also felt that they could not perform well in MAUs. This variability in MAU was because of the pandemic and also because of some “temporary issue related to user intake on a third-party platform”. It added that the MAU performance fell short in the first half of the quarter due to “lighter user intake”. A user sign-up issue also caused them some obstructions in performing well. However, it claims that all the issues have now been resolved and in the second half of the quarter they were back on its growth track.
The company is still worried about the effects of COVID-19 on its platform but is expecting to remain consistent with the growth it achieved in this quarter.
