Spotify now has 130 million users pay, and $ 286 million of total users. Despite the crisis of COVID-19, the streaming platform, music has exceeded its targets in the first quarter.
Like Netflix, Spotify does not seem to be affected by the downturn of the COVID-19. The streaming service european has just presented its results for the first quarter of 2020 and, in spite of the particular context, these results are beyond expectations. And now, the platform has 130 million paying subscribers, an increase of 31 % compared to the first quarter of 2019. The total number of Spotify users (including users of the free ad-supported) was also up 31 %. Now, Spotify is a total of 286 million users. And after publication of the company, it would be the largest increase in year-over-year the number of users.
“Despite the global uncertainty surrounding COVID-19 in the first quarter, our activities have reached or exceeded our estimates for all the key parameters “, stated the company. ” For the second quarter and the rest of the year, our outlook for most of our main performance indicators remained unchanged, with the exception of income where a slowdown in advertising and the large variations of exchange rate have an impact. “
Spotify continues its progression
During the last quarter of 2019, Spotify had already evoked a very strong growth in the number of subscribers, that the company had assigned to the podcasts. Also, during the first quarter of 2020, the company has continued to focus on this format. And recently, it has launched new features to help creators to make new episodes while respecting the rules of social distancing.
On the other hand, if the growth of Spotify has not been affected by the COVID-19, the company admits that the containment has changed the habits of its users. According to the website TechCrunch, in the countries hardest hit by the COVID-19, such as Spain or Italy, Spotify would be a decrease of the daily activity of users.
Otherwise, Spotify announced the exceptional growth in the number of users so that a few days ago, Netflix was also impressed with its results for the first quarter. During the first three months of the year, the VOD platform has added rounded) 15.77 million new users. And it also expects good performance in the second quarter. However, Netflix warns that the effect of the confinement on growth will fade.
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