Spotify Q1 2021 earnings Shifting headwinds
Report by
Mark Mulligan
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The 20,000 Foot View: The first quarter of the year is usually a slow one for Spotify, but 2021 saw a few metrics slowing more than in previous years. There were lots of solid performance metrics in Spotify’s results and a slew of new product announcements, but there were also signs of a coming slowdown driven in large part by wider industry headwinds.
Key Insights
- Spotify added monthly active users in 2021 reach million, compared to the it added one quarter earlier. was higher than the million million added in and 2020
- Spotify finished with million subscribers. It added subscribers in 2021 (three million) it did in 2020 (six and was the first year 2015 it added less than million in the first quarter
- European subscribers up, while ad-supported users were North America saw continued solid growth as did ‘rest of however, Latin American subscribers were despite Mexico delivering strong growth
- Revenues and maintained good trajectories, but revenue was below market benchmarks. Total was up year-on-year, while major streaming revenue was up
- Ad revenue up year-on-year, in line with but below YouTube Quarter-on-quarter ad was down by compared to of for YouTube and for
- The share monthly active users that engaged podcast content remained at around million podcast monthly active users, from million quarter-on-quarter. Consumption and growth came from better engagement established users
Companies and brands mentioned in this report: Amazon Music, Alphabet, Betty Labs, Deezer, Facebook, Peloton, Spotify, TikTok, YouTube