Spotify Q4 2020 earnings
ARPU pays the price for growth

Report by Mark Mulligan

28 Feb 2021

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Spotify

Spotify Q4

Spotify FY20

In 2020 Spotify accelerated the growth of its total user base, with emerging markets playing a key role. However, revenue increases became decoupled from user growth across all categories, resulting in...

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Spotify Q3 2020 Earnings
The Shift to Free

Report by Mark Mulligan

27 Nov 2020

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Spotify

Spotify Q3

Spotify q3 20 earnings

With three quarters of 2020 gone, Spotify has prospered during the most challenging of times, with consistent growth across most metrics. Q3 2020 saw a slight deviation from the script though, with ad-supported...

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Spotify Q2 2020 Earnings
In the Shadow of COVID

Report by Mark Mulligan

18 Aug 2020

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Spotify

Spotify Q2

Spotify q2 20 earnings

  Spotify’s share price grew strongly in June 2020, with the markets responding positively to its podcast investments. However, while that increase was sustained throughout July, by mid-August the share...

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Spotify Q4 2019 Earnings
Great Year for Premium, Less So for Ad Supported

Report by Mark Mulligan

29 Feb 2020

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Spotify

Spotify Q4

Spotify q4 19 earnings

  2019 was another strong year for Spotify’s premium business, in which it saw off growing competition to retain its leading global market share. But it was also another year in which Spotify’s ad-supported...

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Spotify Earnings Q3 2019
Up on Most Counts

Report by Mark Mulligan

15 Nov 2019

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Spotify

Spotify Q3

Spotify q3 19 earnings

  Q3 2019 was a quarter of mixed fortunes for Spotify, with its subscriber base showing good, consistent growth, podcasts making a solid early showing, emerging markets demonstrating promise but ad revenue...

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Spotify Q2 2019 Earnings
Mature Markets Still the Engine Room of Growth

Report by Mark Mulligan

29 Aug 2019

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Spotify

Spotify Q2

Spotify q2 19 earnings

  Q2 2019 was another solid quarter for Spotify, adding the same number of subscribers it typically does in promotional quarters. Core metrics such as churn and average revenue per user (ARPU) all moved...

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Spotify Q1 2019 Earnings

Report by Mark Mulligan

31 May 2019

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Spotify

Spotify Q1

Spotify q1 19 earnings

  Q1 2019 was a quarter of milestones for Spotify, hitting 100 million subscribers, launching in India and becoming a podcast company. However, it was also a quarter in which a number of metrics started...

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Spotify Q4 2018 Earnings
Strong Subscriber Growth With a Hint of Profitability but Long-Term ARPU Deflation

Report by Mark Mulligan

12 Feb 2019

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Spotify

Spotify Q4

Spotify q4 18 earnings

Spotify finished 2018 strongly, over performing in both subscriber and ad-supported MAU additions. This was accompanied by Spotify’s first ever profitable quarter and two major podcast acquisitions...

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Spotify Q3 2018 Earnings
Metrics on Track But Investors Not Convinced

Report by Mark Mulligan

6 Nov 2018

Spotify

Spotify Q3

Spotify q3 earnings

Spotify’s Q3 2018 earnings once again showed continued solid progress across most of its performance metrics, with strong progress in many areas. However, weakening investor confidence across US tech...

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Spotify Q2 2018 Earnings
More Needed from Emerging Markets and Ad Supported

Report by Mark Mulligan

30 Jul 2018

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Spotify

Spotify Q2

Spotify filings

  Spotify’s Q2 2018 earnings show continued solid progress across most of its performance metrics. However, investor scrutiny is intensifying, especially with the growing subscriber arms race in the...

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Spotify Q1 2018 Earnings
Steady Course But Is It Enough?

Report by Mark Mulligan

7 May 2018

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Spotify

Spotify Q1

Spotify filings

  On the 2 May 2018 Spotify released its first quarterly earnings. The results fundamentally represent a continuation of the figures presented in Spotify’s F1 filing and show strong results across most...

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