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Riding on its India performance and resumption of marketing activity in the country, Swedish music streaming app Spotify on Wednesday said it has reached 381 million monthly active users (MAUs) in its third quarter (Q3), a 19 per cent growth (on-year).
The company has experienced double-digit growth in all regions. The growth was "aided by the resumption of marketing activity in India along with above-plan growth in the Philippines and Indonesia," the company said in a statement. "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," said Spotify CEO and Founder, Daniel Ek. This quarter, Spotify added several major promotional partnerships, including OnePlus (Spotify preloads on OnePlus mobile devices in India with 3 or 6 month trials and a limited offer of 12 month trials to OnePlus Red Cable Club members). At the end of Q3, it had 3.2 million podcasts on the platform (up from 2.9 million at the end of Q2). "Internationally, we released 76 new O&E (owned and exclusive) podcasts, with notable traction in India and Latin America where Originals have been helpful in stimulating new user acquisition," the company informed. Premium subscribers grew 19 per cent to 172 million in the quarter. Revenue grew 27 per cent to 2,501 million euros. Among MAUs that engaged with podcasts in Q3, consumption trends remained strong (up 20 per cent Y/Y on a per user basis) while month-over-month retention rates continued to trend positively. "Podcast share of overall consumption hours on our platform also reached an all-time high during the quarter," the company said. --IANS na/ ( 294 Words) 2021-10-27-20:24:04 (IANS)
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