Netflix is the streaming service kingpin for movies and TV shows, but is Spotify the kingpin for music streaming amidst other options such as Apple Music or Amazon Music? Recent earnings reports say yes it is… and no it may not be.
Here’s the breakdown. Spotify has reached a whopping 83 million paid subscribers. Note that Spotify is a free service, but offers a premium, monthly service that eliminates ads and lets you play whatever song you like, whenever you want. It certainly is the better option, and even has a student package that gives you a discounted price alongside a basic Hulu subscription.
In total, 180 million users across the world are streaming on Spotify, but for some reason, they’ve reported quarter 2 money losses. The company reported that their net loss for this quarter was $461.4 million and is almost double the losses of the same quarter report from 2017. That being said, the CEO reports that subscriber numbers are expected to continue rising.
The goal is for the company to reach 88 million paid subscribers by the end of the next quarter, as well as 193 total monthly users. This will rival the 50 million people who pay for Apple Music, showing that Apple doesn’t have complete control of every market quite yet.