The music streaming platform also reported an increase in the subscriber base at 130m for Q1 of 2020.
Music-streaming service Spotify has announced its financial results for Q1 of 2020, reporting a 22% rise in revenues at $2bn. With this, Spotify is inching towards a positive net income of $1m.
Monthly active users now stand at 286m, with paid users at 130m and ad-supported monthly active users at 163m. Ad-supported users are growing at a slightly higher rate at the moment, at 32% versus 31%, Spotify said.
Operating expenses totalled $531m in Q1, an increase of 16% for the same period last year.
Spotify also revealed that the platform hosts more than one million podcasts and more than 60% of them are powered by Anchor, which the company acquired a year ago.
In a statement to shareholders, the company announced: “Despite the global uncertainty around COVID-19 in Q1, our business met or exceeded our forecast for all major metrics. 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.”
Spotify has been fully working remotely for the last seven weeks, and unlike a number of other technology businesses, it has not seen any layoffs so far.
