The king of music streaming is on its way to becoming a titan.
Spotify reported on Monday that they have obtained over 100 million subscribers around the world. The music streaming superpower has made some serious progress during its journey, and it has also made a few small mistakes as well. The company’s Q1 earnings report revealed that they had 217 million users around the world, 100 million of which are paid subscribers.
Since Spotify went public just over a year ago, the total number of paid subscribers has jumped from 75 million to 100 million. The Q1 report is a relatively marginal improvement from the 96 million subscribers reported at the end of 2018. Spotify reported a revenue of approximately $1.7 billion (€1.5 billion), a one-third increase from the previous year. The company reported a net loss of approximately $158 million (€142 million).
However, Spotify has also stumbled a little bit in recent months. The company’s expansion into India has seen profit margins narrowed amid aggressive marketing efforts, particularly into podcasts. Going forward, Spotify will have to continue competing with Apple for listeners around the world. For their part, Apple Music currently has over 50 million paying users against Spotify’s 100 million.