Spotify has announced its second-quarter 2020 financial performance which saw annual monthly active users have grown by 29% to reach 299 million. At the end of Q2’20, the company had 138 million Premium Subscribers globally, up 27% Y/Y.
“Family Plan continues to be a significant driver of our outperformance. This quarter we expanded the availability of both Family Plan and our new Duo offering to new geographies,” reads an official statement from the music-streaming platform.
Spotify also said its podcast business is continuing to grow. The number of monthly active users listening to podcasts saw a small increase from 19 to 21 per cent but the amount of podcast content they’re consuming more than doubled, reports The Verge.
“We noted last quarter that we began to see a modest impact on consumption hour trends driven by COVID. As of June 30, global consumption hours have recovered to pre-COVID levels. All regions have fully recovered with the exception of Latin America which is approximately 6% below peak levels prior to the global health crisis.”
Spotify notes that regions where the spread of COVID-19 appears to be slowing have led the recovery in consumption. Consumption trends by platform are beginning to normalize as well; in-car listening at the end of the quarter was less than 10% below pre-COVID levels having recovered from a 50% decline in April.
The company wants to scale features that will lead to improved intake, retention, conversion. For example, it rolled out lyrics this quarter in 26 countries across Southeast Asia, Latin America, and India covering more than 100 million users.
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