The streaming music platform Spotify, in its report, recorded a profit increase in revenue in the third quarter of 2021, which is 75% year-on-year (YoY).
This increase, according to a Spotify report, was driven by podcast revenue which has continued to grow in recent times. In his statement, Spotify Founder Daniel Ek explained that the company had a very strong quarter.
“The business is doing very well and I am pleased that we are continuing to deliver in all areas that are fundamental to our growth and long term strategy,” said Daniel.
Later in his report, he reported that Spotify’s total monthly active users grew 19% YoY or grew 381 million in the third quarter. Then what attracted Spotify Premium subscribers increased by 19% to 172 million in the same quarter.
Through this achievement, Spotify posted revenues of USD 2.90 billion. Meanwhile, subscription revenue grew 22% and advertising sales rose 75% YoY to USD374 million.
An interesting note among podcast users in Q3, consumption was up 20% year over year on a per user basis.
During the quarter, podcasts’ share of overall hours of consumption on the platform also hit an all-time high.