Music streaming platform Spotify has its quarterly earnings in and reveal some mixed results. Today, Spotify has a whopping 83 million paid Premium subscribers, more than any other music streaming service. Many of you reading this may have a Premium account and take advantage of the premium services every day. In their last quarterly update this past January, they had around 70 million paid subscribers. Additionally, reports say that the total monthly active users has hit 180 million.
Although Spotify is winning with record high subscribers, they are still working on their revenue. According to reports, the company has net losses of $461.4 million, twice more than the same period last year. Their operating loss was 14 percent higher as well ($105.7 million). Total revenue for the quarter hit $1.49 billion, mostly coming from paid subscriptions. Under stress by investors, Spotify has been dealing with these losses since its 2008 launch.
While Apple Music has about only 40 million paid subscribers, a report in The Wall Street Journal say Apple’s service may be on track to surpass Spotify by the end of the year. Spotify is still predicted to climb in subscriber numbers but only time will tell if they alleviate their losses.