Spotify is a Swedish music streaming and media services, provider. It is operated by Spotify AB, which is publicly traded in the NYSE through Luxembourg-domiciled holding company Spotify Technology S.A., itself a constituent of the Russell 1000 Index. Spotify’s main headquarters is in Stockholm, Sweden and its Corporate headquarters is in New York City, USA.
Spotify announced its financial results for the second quarter of 2020, with service to announce a significant increase in total subscribers and an increase in Premium subscribers.
In detail, the service saw an increase in monthly active subscribers, reaching 299 million, an increase of 29% compared to the same quarter of 2019 (232 million), and 5% compared to the first quarter of this year. The service also reached 138 million paid subscribers, an increase compared to 108 million in the same quarter of 2019 and 130 million in the previous quarter.
The service announced that from June 30, the hours spent by users in the service returned to normal, ie before the increase that occurred due to the COVID-19 pandemic. Finally, the second quarter of the year saw a total reduction of 10% in listening to music in the car, while only in April this reduction was to 50%, which shows that we are slowly entering a normal pace.
