Although the global pandemic has affected several technology companies at different levels, nothing seems to stop Spotify’s advance as the most popular music platform. The figures for the second quarter of the year (Q2), seem quite positive.
The company recorded an annual increase of 29%, totaling 299 million monthly active users. This was also an increase of 5%, compared to the previous quarter. Spotify is projected to reach 348 million monthly users at the end of the year, in the last fiscal quarter (Q4).
Spotify also reached 138 million paid subscribers, with an annual growth of 27%. According to Spotify, subscriptions are expected to slow down somewhat until September 2020. Still, they plan to reach 153 million by the end of the year.
Apple Music gets further and further away from the competition
The last time Apple shared numbers about Apple Music, the service had 60 million paid subscribers. However, this information is already a year old. It is clear that the Apple Music subscriber base has already increased but is expected to be around 70-80 million maximum, currently.
As such, Spotify remains increasingly far from the competition. Apple’s great advantage is its ecosystem, which “grabs” users and can convince them to use Apple Music more, at the expense of Spotify.
Additionally, Spotify has a profitability problem, continuing to lose money today. However, the company remains strong and is one of the most used services on smartphones.
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