Spotify released its fourth-quarter results on Wednesday, reporting that its annual revenue increased by 24% and the number of monthly active users increased by more than 20 million compared to the third quarter. The audio platform reports fourth-quarter revenue of $ 3.03 billion and 406 million monthly active users. Spotify also said it lost $ 44.1 million, or 21 cents a share, in the fourth quarter.
According to Zdnet, premium revenue grew 22 percent year-on-year to $ 2.594 billion, while Spotify’s advertising revenue was $ 445.3 million. Wall Street expected the company to report fourth-quarter revenue of $ 2.98 billion.
The company reported revenue for the entire fiscal year 2021, $ 10.9 billion and annual losses of $ 38.4 million. The number of premium subscribers also increased to 180 million, and by the end of the fourth quarter, the company had seen a double-digit increase in the number of monthly active users listening to podcasts. The company said in a statement:
Among the monthly active users who interacted with the podcasts in the fourth quarter, the trend was still strong (a 20 percent annual increase per user) and the podcast’s share of the total hours spent on our platform peaked. We also expanded our podcast subscriptions for creators and listeners in 33 other markets and enabled them for users in Russia, Egypt and Saudi Arabia.
Spotify has come under fire in recent weeks over controversy over Joe Rogen’s podcast, which has been accused of leaking false information about COVID-19 and other issues. Several famous artists, including Neil Young, Johnny Mitchell and David Crosby, have even called for their music to be removed from the platform.
Rogen also apologized for the inconvenience and vowed to make changes to the way he invited his guests. Spotify will also upgrade parts of its platform system to direct people to accurate information about the Corona virus. Finally, the company expects to reach 418 million monthly active users, 183 million premium subscribers and $ 2.9 billion in revenue in the first quarter of this year.
Source link
