Spotify Revenue Increased by 35% During the Pandemic

The music streaming application Spotify has continued to experience growth throughout the pandemic.

Based on data from businessofapps.com, Spotify's revenue reached US$2.5 billion in Q3 2021. This figure is up 8.2% compared to the previous quarter.

Compared to the beginning of the pandemic in Q1 2020, Spotify's revenue in Q3 2021 had grown by approximately 35%.

Spotify's total users, both paid and free, reached 381 million in Q3 2021. This figure is up 4.4% from the previous quarter and grew by 19.06% from the same quarter in 2020.

The number of paid Spotify users in Q3 2021 totaled 172 million, a 4.24% increase from the previous quarter.

The Swedish company stated that the majority of its paying users are from Europe, with 66 million users in 2021. This is followed by North America with 48 million users, Latin America with 33 million users, and other regions with 18 million users.

Spotify was launched on October 7, 2008. To boost its growth, Spotify implemented a paid subscription model while still offering a free account option.

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