Popular ‘daylist’ helps Spotify grow monthly users and subscribers
Spotify has said its monthly active users grew more than expected in the second quarter and subscribers also rose as the streamer’s new ‘daylist’ feature has gained popularity.
The Swedish music streamer said monthly active users grew to 626m in its second quarter, up 14 per cent year on year, while paying subscribers grew 12 per cent year on year to 246m.
Spotify said “listeners can’t get enough” of its so-called daylist, a hyper-personalised playlist feature that changes throughout the day.
“It has one of our highest feature retention rates and they’re listening multiple times a week,” the company said on Tuesday.
The rise in subscribers helped push profit over the €1bn (£842m) mark for the second quarter in a row and operating income hit a record quarterly high of €266m (£224m).
Total revenue rose 20 per cent year on year to €3.8bn (£3.2bn) in the second quarter.
“It’s an exciting time at Spotify,” said Daniel Ek, Spotify founder and chief executive, “we keep on innovating and showing that we aren’t just a great product, but increasingly also a great business.
“We are doing so on a timeline that has exceeded even our own expectations. This all bodes very well for the future,” he added.
Spotify said video podcasts are taking off on the platform, with over 170m users to date having watched a show.