The world’s most popular online music platform, Spotify, announced its financial report for the last quarter of 2021 at an event it organized. In the statements made by the company, it was stated that $3.25 billion was earned, $2.58 billion of which came from premium subscribers and $443 million from advertising revenues. $3.25 billion in revenue means 16 percent growth compared to the same period of the previous year.
Spotify also mentioned the number of users in its fiscal quarter report for the last quarter of 2021. In the company’s statements, it was stated that the number of active users increased by 18 percent on an annual basis, reaching 406 million. The number of users paying for Spotify, on the other hand, increased by 16 percent to more than 180 million. However, these statistics did not particularly please the investor. Because Wall Street’s expectation was that the number of Premium subscribers was around 184 million.
Already rocking Spotify shares crash after financial report
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Spotify has been at the center of discussions for a while due to COVID-19. Opposition to vaccines in “The Joe Rogan Experience”, one of the most popular podcasts in the world, brought Spotify and especially musicians against each other. On the other hand; Users also reacted to this situation. Spotify CEO Daniel Ek, who made a statement in the past days, announced that new steps will be taken on the subject. For this reason, Spotify shares, which have been wobbly for a while, fell sharply with the release of the financial report. The depreciation reached 18 percent.
CEO Daniel Ek also made evaluations about the financial situation report. Mentioning that the numbers are not bad, the CEO said that they will do their best to reach more users. “We want to be the best place for musicians and broadcasters.” Daniel Ek stated that their target is 50 million musicians and podcasters.
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