The monthly active users of Spotify also reached 456 million in Q3 which is above the company’s previously shared forecast which was 450 million. During the second quarter, there were 433 million active users monthly. Spotify also revealed that it has now 4.7 million podcasts which were 4.4 million by the end of June. During this quarter, the launch of Megan Markle’s podcast was a new addition. Total revenue came in at €3.04 billion compared to a forecast of €3.0 billion. While telling about the increasing subscriber base, Spotify CEO Daniel Ek said that the results are almost the same as expected. Since this is an investment year for the company, Spotify’s margins stood at 24.7 percent compared to the estimate of 25.2. “This is all playing out largely as we expected, despite the macro environment,” When asked about the price raise, EK said that the company is looking to raise the prices of its premium packages and is in talks with table partners regarding it. Moreover, Ek also said that in the future company needs to be more selective with its overall spending. Future investments will be made if they are advantageous to the company’s margins and if they strengthen the value proposition to users. No doubt, the company has witnessed huge growth in terms of paid subscribers, and keeping in view its growing popularity, it is working on implementing even better features. Also Read: Spotify Celebrates the Voices and Stories of Women Creators in the First Episode of Spotify Talks
