Spotify has 188 million Premium users, but continues to lose money
. 188 million of those are paying for Premium, a leap of six million from three months ago, while a further four million are signed up on an ad-supported basis.
Despite industry-wide fears that household budgets would cut entertainment costs to help free up much-needed cash, Spotify has dodged cost-cutting so far. The company said that while it was keeping an eye on the “uncertain” environment, it was “pleased with the resilience of [its] business.” That said, the company did spend big to help grow its user figures, with marketing campaigns designed to coax back users who let their subscriptions lapse, or who wanted to expand to a family plan.
That marketing spend helped blow a hole in the company’s finances, with Spotify posting a quarterly loss of €194 million . The company is banking on sharp increases in revenue both for subscriptions and advertising to help balance those losses out. In addition, its plan to pivot toward cheaper forms of audio content, like podcasts and
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