Spotify reported Q2 earnings on Tuesday, with 7 million new premium subscribers and strong operating income driving revenue up 20% for the quarter.
Spotify added 7 million subscribers in the second quarter, roughly 1 million more than it forecasted, which bolstered revenue and profit margins, the streaming giant said on Tuesday.
Revenue from premium subscribers grew 21% year over year thanks to those subscriber gains and premium average revenue per user gains of 10% compared to last year. Revenue from ad-supported users rose 13%. Spotify has been under pressure from major music companies and organizations to reverse changes it made in May to its bundled subscription services that added audiobooks to its premium tier. Spotify wants to pay songwriters a discounted bundle rate for premium streams, but groups like the MLC are suing Spotify claiming the streamer “improperly” classified its premium tiers as bundles.
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