Spotify reaches 83 million paying subscribers – Tech News

<pre>Spotify reaches 83 million paying subscribers - Tech News

Top streaming platform Spotify said that it has reached 83 million paying subscribers, marking steady growth even as the company still struggled to make a profit.

The Swedish company unveiled the figure, on the high end of its forecasts, as it was released in earnings for the quarter to June. It had reported 75 million paying subscribers three months earlier.

Spotify attributed the growth to inroads into emerging markets, particularly Latin America and South-East Asia, and the popularity of its family packages, which are nonetheless earn less revenue than individual plans.

In year-to-year terms, Spotify's base of paying subscribers has 40% of the same time in 2017.

Spotify as of the end of June .

Despite the rapid growth of the streaming around the world, Spotify has to turn out the profit of the platform expansion.

Operating losses for the quarter were € 90mil (RM425.11mil), although two-thirds were linked to costs for Spotify's listing on the New York Stock Exchange earlier this year and turned out to be more expensive than expected when shares performed robustly.

Spotify's closest competitor is Apple Music. The tech giant's CEO Tim Cook said that the service had 50 million paid subscribers.

While trailing well below Spotify, the tech giant's three-year-old streaming service has been expanding rapidly and has been projected by many industry watchers to surpass the Swedish company in the vital US market. – AFP

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