As reported by engadget,

A quarter of Spotify users now listen to podcasts on the streaming service, the company announced today. As part of its fourth-quarter earnings announcement, it said that its total user count had hit 345 million, of which 155 million are paying customers. In addition, it saw advertising revenue increase, which it attributes to the growth of podcasts as a key plank of Spotify’s strategy. The company said today that it saw a 100 percent year-over-year increase in revenue coming from its podcast studio.

The company posted quarterly revenues of €2,168 million, an increase of 24 percent year-over-year, limited by the depreciation of the US dollar. That boiled down to a quarterly loss of $83 million, down from the $93 million loss it posted this time last year. COVID-19 has remained an issue for the company, since a number of businesses reduced their advertising spend to conserve cash during the current crisis. Spotify says that, despite this, interest has rebounded in the last quarter of the year.



Source link: engadget

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