Music streaming service Spotify released a quarterly report indicating that paid subscribers grew 20% year-over-year to reach 165 million users. The total number of service users grew by 22% to 365 million.
Quarterly revenue grew by 23% to € 2.3 billion. The main growth came from podcasts, their total number increased from 2.2 million to 2.9 million. Thanks to podcasts, quarterly advertising revenue jumped by 110%, which amounted to € 275 million. Spotify is also promising a full release of its Greenroom service by the end of the year, which is similar in functionality to Clubhouse. According to the latest data, Spotify’s closest competitors, Apple Music and Amazon Music, have 60 million and 55 million paying subscribers, respectively.
.