Swedish-based audio streaming and media services provider Spotify, has released its July-September financial report. The report shows a 7% increase in its number of monthly active users. Spotify saw its user base grew from 299 million, to a total of 320 million, which is 22 million more active users it recorded at the Q3 2019.
The company also witnessed a 5% increase in its number of Premium users. The number of premium users according to the company, now stands at 144 million. Its users based on the region as of the Q3 2019, shows Europe accounted for 34%, North America, 25%, Latin America is 22% while the rest of the world stands at 19%.
The popular streaming service which is available in Europe and the Americas, Oceania, and parts of Africa and Asia still maintains its lead in the music subscription services category. It is way ahead of Apple Music, which reported a total of 60 million users back in July 2019.
Launched back in October 2008, Spotify is owned by Spotify AB with its headquarter located in Stockholm, Sweden. The platform is founded back in 2006 by Daniel Ek, former and Martin Lorentzon. The company name was coined from a combination of “spot” and “identify.”
Spotify officially launched in the United States in July 2011, offering unlimited access its contents for free. It is available in most modern devices, such as Windows, macOS, and Linux computers, as well as iOS, and Android devices. It is also available in some AI enabled smart speakers such as Amazon Alexa.