Beating the analysts’ estimates, Spotify has recorded a huge 195 million paid subscribers to count in its Q3 2022 earnings report.
Aside from this achievement, the company said it’s aiming to reach the 200 million mark by this year-end. Yet, Spotify stock tumbled a bit on the after-hours trading since the gross margin of its earnings is low, panicking the investors.
Spotify Paid Subscribers Count
In the work of music streaming, Spotify has made its mark by standing as one of the best platforms catering not just the best music but also podcasts and audiobooks. With all these services at fairly good prices, Spotify has amassed over 195 million paid subscribers to date.
This was revealed in its latest Q3 earnings report, where it surpassed the analysts’ estimates by a million count! The company even said that it’s aiming to reach the 200 million mark by the end of this year.
Well, this subscriber count didn’t excite the investors much, as the company stock tumbled slightly in after-hours trading. And it’s more because of the low gross margins, which were below expectations.
Yet, the platform is running better than expected, even with tough competition from Apple Music, Tidal, Amazon Music, etc. Spotify has recently added audiobooks support, with over 300,000 books in the catalog.
This, aside from the growing number of podcasts and vast music library, comes in several tiers suitable for every group. Recently, we’ve seen the company surveying users about a new Platinum plan – costing $19.99 a month – that’d possibly come with HiFi audio support.
HiFi audio was touted by Spotify early last year, but it didn’t see the light yet! And with a new premium plan coming up, we expect this grand feature alongside other perks like Audio Insights, Headphone Tuner, Library Pro, Playlist Pro, and something called Studio Sound.