Spotify has announced its Q2 2022 earnings, and the company says it surpassed nearly all of its key metrics for the quarter. Most importantly for Spotify, the company saw double-digit growth in both its monthly active users (MAUs) and premium subscribers.
These are the main highlights of Spotify’s Q2 2022:
– Total Monthly Active Users (MAU) grew 19% year-over-year to 433 million at the end of the quarter.
– Premium Subscribers grew 14% year-over-year to 188 million.
– Total revenue for Q2 hit 2.9 billion euro (about $2.94 billion)—up 23% year-over-year.
– Premium revenue was up 22% year-over-year to 2.5 billion euro (about $2.53 billion).
However, as The Verge notes, it wasn’t all roses for Spotify’s Q2. In April, Michelle and Barack Obama left Spotify podcasts for Spotify’s rival Audible, and just last month the last episode of Reply All aired—Reply All was one of Spotify’s biggest podcast hits.
Still, Spotify issued positive guidance for the quarter ahead. For Q3 2022, Spotify said it expects 450 million MAUs and 194 million premium subscribers. It also expects total revenue to hit 3.0 billion euro (about $3 billion) for the quarter.
Q2 ‘22 $SPOT earnings results are out. A very strong quarter for @Spotify thanks to the teams around the world who continue to innovate and build the world’s #1 audio network. https://t.co/nhnFRlqAkc pic.twitter.com/Q92ey6OrbH
— Daniel Ek (@eldsjal) July 27, 2022
Investors seemed to like what they heard. Shares of Spotify stock were up more than 7% Wednesday in pre-market trading.
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Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com