Music streaming service Spotify right now reported a 31% growth in its month-to-month lively person (MAUs) base year-on-year. The firm, in its This autumn 2019 earnings report, stated it now has 271 million MAUs worldwide. 124 million of those are paid subscribers, which is a 29% growth year-on-year.
The firm additionally revealed its steerage for the yr forward, saying it expects whole MAUs to rise to 324-328 million whereas premium subscribers (those that pay for the service) ought to go as much as between 143 and 153 million. So, whereas the corporate does count on growth in 2020, it expects a slowdown in the growth of its premium subscriber base. The 2020 projection is simply 19% larger than the present quantity.
The firm referred to as its steerage for 2020 “conservative”, saying that its data, “particularly around the benefits from podcasts, is still reasonably new”. However, it additionally famous that there was super growth in customers listening to podcasts on the platform.
Spotify stated it has over 700,000 podcast titles on the platform now and consumption of those grew by 200% year-on-year. “We proceed to see exponential growth in podcast hours streamed (up roughly 200% Y/Y) and are actually seeing clear indications that podcast utilization is driving elevated total engagement and retention,” the corporate stated.
The music streaming service didn’t report something on India or the variety of subscribers right here although, apart from the truth that it entered India throughout this monetary yr.
The Indian streaming market has typically been touted as an enormous enjoying subject for platforms like Spotify. In a December 2019 report by Bloomberg, the publication discovered that YouTube Music (which entered India months after Spotify’s entry) had already amassed over 800,000 subscribers on its paid tier.
While Times Internet-owned Gaana had over 1,000,000 paid subscribers, the report stated that YouTube Music had been rising sooner than rivals, together with Spotify and Gaana. While Spotify had introduced that it reached a person base of 1 million in India a month after coming into the nation, it has shied away from speaking about what number of are paying for the platform.
The India music streaming market has been touted to be a $150 million market, in response to a analysis by TechSci Research. The agency additionally estimated that the market will attain $400 million by 2023. At the second, platforms like Spotify, Gaana, JioSaavn, YouTube Music, Google Play Music and Apple Music are jostling for area right here.