Spotify Lost $197 Million USD Over the Second Quarter of 2022
Despite growth in Premium users.
Spotify has lost almost $200 million USD over the past quarter despite continuing to grow its number of Premium users. Posting its financial results for the second quarter of the year, Spotify reported a total of 433 million users across both its free and paid accounts, making an 11 million increase over the 422 million at the end of Q1. The amount of paid users also increased by six million to now 188 million, with another four million subscribed to its ad-supported tier.
Despite its growth in users, the company is still in the red, seeing a quarterly loss of $197 million USD over the last three months. The result is largely attributable to Spotify’s immense spending on marketing, which it hopes will create a surge in subscriptions over the near future to help recuperate its costs.
Elsewhere in business news, Samsung warns of slowing demand for PCs and mobile devices despite bringing in almost $60 billion USD in revenue in Q2.
