Leading streaming service Spotify has reached $2 billion in revenue for Q1 2020, tapping analysts’ forecasts. Consequently, the streaming company welcomed a decisive net-sum profit of $1 million, while other businesses remain at loss due to the coronavirus pandemic.
In light of global challenges lingering across the entire world, chances are we’re all in a better mood of listening to artists we love and cherish for. And on that note, Spotify’s monthly users have peaked to 286 million, while paid users are at 130 million and ad-supported monthly active users are at 163 million.
According to TechCrunch, the spike falls in line with the boost in media streaming services amid the pandemic. However, while numbers soar, other areas decrease.
Spotify reports that streaming shows low consumption in areas heavily affected by the pandemic, such as Italy and Spain. Furthermore, listening patterns vary with more frequency.
“Despite the global uncertainty around COVID-19 in Q1, our business met or exceeded our forecast for all major metrics,” Spotify revealed to shareholders. “For Q2 and the remainder of the year, our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact.”
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