Swedish music streaming service Spotify on Wednesday announced total revenue of 1,855 million euros that grew 24% Y/Y in Q4 of 2019.
Spotify Premium revenue was up 24% Y/Y at 1,638 million euros, while ad-supported revenue was 217 million euros, up 23% Y/Y.
Premium paid subscribers, which account for nearly 90% of its revenue, were 124 million.
“Total monthly active users grew 31% Y/Y to 271 million,” said the company.
This was the highest net add quarter for Spotify ever experienced, and the fastest it ever added 10 million subscribers in a quarter.
“We continue to see exponential growth in podcast hours streamed (up approximately 200% Y/Y) and are now seeing clear indications that podcast usage is driving increased overall engagement and retention,” said the company.
Operating expenses were 551 million euros in Q4 which increased 80% Y/Y.
