Spotify says it is 'adding roughly twice as many subscribers per month' as Apple, 'more users on an absolute basis than Amazon'
The music streaming giant, led by CEO Daniel Ek, reports its latest financials, unveils that its CFO will leave and says it feels"very good" about its position compared to competitors Apple and Amazon.
That compared with 108 million premium and 232 million total active monthly users as of the end of June, 100 million premium and 217 million monthly users as of the end of March and 96 million and 75 million, respectively, as of the end of 2018. Said Spotify: "We continue to feel very good about our competitive position in the market. Relative to Apple, the publicly available data shows that we are adding roughly twice as many subscribers per month as they are. Additionally, we believe that our monthly engagement is roughly two times as high and our churn is at half the rate. Elsewhere, our estimates imply that we continue to add more users on an absolute basis than Amazon.
The company, led by Spotify CEO Daniel Ek, swung to a third-quarter operating profit of $59.9 million , compared with an operating loss of 6 million euros in the year-ago period. Net income rose from 43 million euros to $267.4 million . Quarterly revenue rose 28 percent to $1.92 billion , while operating expenses increased 11 percent.
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