Spotify Just Reached 300 Million Paying Subscribers. No Audio Streaming Service Has Ever Done That.
The milestone is historic. The margin underneath it is the number to watch.
Overview
Spotify (NYSE: SPOT) ended the second quarter with 300 million Premium subscribers -- a level the company says no audio streaming service has ever reached. The milestone came in Tuesday's report, which showed the streaming giant added 7 million paying subscribers during the period, for year-over-year growth of 9%.
The rest of the report was strong, too. Monthly active users grew 12% year over year to 777 million. Revenue rose 14% to 4.8 billion euros. And gross margin (the share of each euro left after paying music rights holders and other direct costs) hit 33.4%, an all-time record for the company.
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Originally published at www.fool.com.
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