Spotify expects its active listener base to reach 450 million by October, the music streaming service said in its second-quarter earnings report on Wednesday, after ending June with 188 million subscribers and 433 million active listeners who visit the service at least once a month .
Although Spotify is wary of the possibility of an economic slowdown, “it’s hard to be anything but optimistic given what I’m seeing right now,” CEO Daniel Eck said on a call to discuss the results.
The latest figures confirm Spotify’s dominance of subscription music worldwide. Its No. 2 competitor, Apple Music, doesn’t regularly disclose its paid memberships and hasn’t offered an update in more than three years, obscuring just how big a lead Spotify might have. Back in June 2019, Apple said its service had. (According to music industry researcher MIDiA, Apple holds about 15% of the global subscription music market; Spotify’s share is more than double that.)
Looking ahead, Spotify also predicts it will have 194 million paid subscribers by the end of the third quarter.
Sweden-based Spotify reported a loss of 125 million euros ($127 million), or 85 cents a share, widening from a loss of 20 million euros, or 19 cents a share, a year earlier. Revenue rose 23% to 2.864 billion euros in the quarter.
Analysts polled by Refinitiv had estimated a loss of 63 cents on 2.813 billion euros in revenue.
Spotify shares rose 7.7% to $112 a share in recent premarket trading.