Spotify hits 433 mn monthly active users riding on India growth

NEW DELHI: Riding on better-than-expected performance in the India market, Swedish music-streaming platform Spotify on Wednesday said it now has 433 million monthly active users (MAUs), up 19 million (year-on-year) and above the company’s guidance by 5 million. Spotify’s premium subscribers grew 14 per cent to 188 million in the April-June quarter, up from 182 million in Q1. “Quarterly performance versus our guidance was impacted by outperformance in India, Indonesia and The Philippines as a result of marketing campaigns and elevated OEM intake,” the company said in a statement. The company said excluding its impact from Russia exit and the “service outage benefit” its experienced in March, it added 19 million MAUs in the quarter which is its largest quarter in history. Its net loss in the quarter was $197 million on revenue of $2.9 billion.