Spotify announced the results of its 4th quarter of 2020 on Wednesday (Feb. 3), reporting growth in many areas of the company.
According to CEO and founder Daniel Ek, “Despite the global uncertainty of 2020, it was a remarkable year for Spotify. Following a strong Q2 and Q3, Q4 met or exceeded our guidance by nearly every metric.”
Highlights from the quarter include:
Total Monthly Active Users grew 27 percent Y/Y to 345 million.
Premium Subscribers increased 24 percent Y/Y to 155 million.
Total revenue of €2,168 million grew 17 percent Y/Y in Q4, or 24 percent Y/Y on a constant currency basis.
Podcast consumption hours nearly doubled Y/Y and 25 percent of Monthly Active Users now engage with podcasts, up from 22 percent the previous quarter.
Additionally, Spotify’s advertising revenue outperformed its forecast.
See the complete shareholder letter here.
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