Ad-supported revenue of the music platform stood at €185 million
Music streaming giant Spotify has announced its Q3 2020 results.
The music platform’s total revenue was €1,975 million in Q3 2020, representing a growth of 19% Y/Y. Premium revenue was € 1,790 million of the total and grew 15% Y/Y. The ad-supported revenue stood at €185 million, outperforming the forecast.
The platform’s Total Monthly Active Users (MAUs) grew 29% Y/Y to 320 million. The MAU outperformance was buoyed by India, which benefited from successful marketing campaigns, as well as stronger than expected results from the July launches in Russia, CIS, and the Balkans, the company said.
Commenting on the result, CEO and founder, Daniel Ek, said, “Spotify’s flywheel is accelerating faster with every new user and creator that comes on our platform. We’re building the world’s largest audio network and it’s clear that our strategy is working.”