Spotify reveals it has 75 million subscribers in its first earnings report since going public

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Spotify went public earlier last month, opening itself up to more scrutiny from walls quarterly basis, and that’s already beginning to bear fruit.

In its first earnings report, the firm revealed it had 170 million subscribers last quarter. Of those, 75 million were paying customers, almost double the 40 million sported by Apple’s Music service.

For users who prefer to use the ad-supported experience, this number goes up to 99 million users, with Spotify improving this experience over the past month with an app redesign and support for more on-demand playlists for free users.

“It feels like the right time to pause and acknowledge the thousands of Spotify employees around the globe who helped build out the Spotify ecosystem while staying true to who we are and what we believe. You make me proud to come in and learn and work alongside all of you. “Spotify founder David Eke said as the firm went public, “Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years. So while tomorrow puts us on a bigger stage, it doesn’t change who we are, what we are about, or how we operate.”

Now, as the firm opens itself up to more scrutiny and transparency, it’s espoused values will be more important than ever.

Via The Verge.

More about the topics: earnings, music, spotify, streaming