Spotify today announced its quarterly earnings results. In the earnings report, Spotify revealed several key metrics regarding its userbase. The total monthly active users grew 29% YoY to 299 million and the total premium users grew 27% to 138 million. Family Plan continues to be a significant driver of Spotify’s growth.
Growth in North America exceeded our expectations, accelerating more than 200 bps this quarter relative to growth in Q2 last year. We saw retention continue to improve in Q2. This is on top of the gains we saw in North America throughout 2019. India also outperformed our forecast this quarter thanks to strong performance from marketing campaigns in the region. Latin America and Rest of World continue to see the fastest growth, with those regions growing 33% and 58% Y/Y, respectively.
Spotify offered the following guidance for next two quarters.