Spotify reports profitable Q3, paying customers increased despite the price hike
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Spotify shared its Q3 earnings report and it’s positive for a change. The company reported a profit of €65 million for the third quarter and an operating income of €32 million. Those compare nicely with €166 million net loss and €228 operating loss a year prior.
Spotify’s paying customers rose 3% over Q2 and 16% over Q3 of last year – this is in spite of Spotify’s subscription price increase in the last quarter. Monthly active users rose to 574 million – up 4% QoQ and 26% YoY.
Spotify usually reports losing quarters because it targets user growth over profit. Audiophile users are looking hopefully at the promised lossless streaming tier, which Spotify insists is still coming. It will reportedly be a new $19.99 ‘Supremium’ tier with other bonus features.
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