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Spotify’s 7 Million New Subscribers Bumps Revenue Up 20%
Spotify reported Q2 earnings on Tuesday, with 7 million new premium subscribers and strong operating income driving revenue up 20% for the quarter.
“Overall, we are encouraged by the traction we are seeing from our monetization initiatives and remain focused on delivering the goals out lined at our 2022 investor day,” the company said in a statement. 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. The lower personnel costs that helped boost operating income are in part due to staff cuts the company made last December.
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