Spotify has 195 million paying subscribers
Spotify expects to complete 200 million subscribers despite low inventory and gross margin.
Music streaming giant Spotify has hit the mark of 195 million paying subscribers, increasing its subscribers by seven million over the last quarter.
The company expects to exceed 200 million by the end of this year.
The past few months have set the company’s gross margin at 24.7%, two points lower than the previous year’s figure. The stock is also down 6% due to an “unfavorable adjustment to prior period estimates of rights holders’ liabilities,” the company says.
Spotify has made efforts to increase its library and has made efforts to release more podcasts, reaching the 4.7 million votes currently available on the platform. Although podcasts haven’t proven to be a hit with the podcast app, the company reports that revenue is in double digits.
On the other hand, streaming music is getting more expensive, as Apple Music recently raised its prices for users, and Spotify CEO Daniel Ek said he might do the same.
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