Beating analysts’ predictions, mobile music streaming platform Spotify has reported a revenue of $2 billion for Q1 2020, despite the impact of the coronavirus pandemic.
The platform’s expectations of $1.86 billion in revenue have been surpassed, with a total amount of monthly active users now at 286 million, premium users being 130 million. This is mainly due to the pandemic forcing people to stay at home and look for ways of entertainment. That being said, listening habits appear to be like weekends every day now, while listening in the car, on wearables, and via web platforms have seen a decline.
They explained: “Despite the global uncertainty around COVID-19 in Q1, our business met or exceeded our forecast for all major metrics. “… for Q2 and the remainder of the year, our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact.”