Spotify now has 158 million paying customers, launches podcast subscription feature
Spotify has now reached 158 million paying customers. The music streaming leader grew in Q1 - 3% in total customers over Q4, 2% in paying customers over Q4 and 21% year over year. Revenue grew 16%.
Spotify projects it will reach beyond 162 million paying users soon, despite the recently announced price increases in the US, UK and Europe - $1 increase for US Family customers, £1 increase for UK Student and Duo users, £2 for Family users. EU customers will see an increase of €1 per Student and Duo account and €3 for Family accounts.
Spotify still leads other music streaming services in terms of monthly active users with 356 million in total. Apple hasn't shared any milestones lately - the last time it announced 60 million paid users was in June of 2019.
Apple just announced that it will bring Podcasts Subscriptions with iOS 14.6 next month and Spotify shared that it also will bring a paid subscription functionality to some of its podcasts soon. Among them are Tiny Leaps, Big Changes and Mindful in Minutes.
Podcasters that want to offer paid subscription won't have to pay Spotify any fees for the first two years and starting in 2023 will have to pay a 5% cut. Spotify will offer podcasters a monthly tier of $2.99, $4.99 and $7.99.
In contrast Apple will take a 30% cut off its paid podcasters in the first year, 15% in the second year and will have a $19.99 annual fee.