Spotify increased its subscriber base by 19% year-on-year to 172 million in Q3.
That result was towards the midpoint of the streaming giant’s guidance range.
Monthly active users (MAUs) grew 19% year-on-year to 381 million in the quarter and near the top end of Spotify’s guidance range.
The DSP saw improved momentum across the 86 markets launched earlier this year, with outperformance led by South Korea, Bangladesh and Pakistan.
Revenue grew 27% year-on-year to €2.5 billion and was at the top end of the guidance range due to significant strength in advertising revenue, which was up 75% year-on-year to €323 million.
Average Revenue Per User (ARPU) of €4.34 was up 4% year-on-year (3% at constant currency). Excluding the impact of currency fluctuations, Spotify saw a benefit to ARPU primarily from our price increases.
Podcast share of overall consumption hours on the platform also reached an all-time high during the quarter. Podcast MAUs continued to increase, accelerating relative to Q2 trends.
Spotify CEO and founder Daniel Ek said: “We had a very strong quarter. The business is doing really well and I’m pleased that we continue to deliver across the areas that are fundamental to our growth and long term strategy. Audio is our right to win. While we have been relentless in our pursuit of being the world’s largest audio platform, it’s still early days and we are just getting started.”
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