Streaming giant Spotify just published its financial results for the second quarter of 2018. The company ended June with 180 million monthly active users, including 83 million subscribers: this means up 30.4% and 40.7% - respectively - year-on-year, and up 5.9% and 10.7% quarter-on-quarter.
Spotify generated revenues of €1.27bn (around $1.49bn) in Q2 this year, (up 26.4% year-on-year), but the company reported a net loss of €394m (around $461.4m) while last year, during the same quarter, it lost €188m.
Spotify’s cost of revenues – including royalties – were €944m (around $1.1bn) in the second quarter this year, accounting for 74.2% of its turnover. That compares to just under 77% in Q2 2017, and 85.4% in Q2 2016.
Also, Spotify saw its free listeners grow by 23.2% year-on-year to 101 million. Moreover, premium subscribers grew 40.7% to 83 million: this means that Spotify’s conversion rate – the percentage of its listeners who are subscribers – stood at 45.1% in Q2 this year. That compares to 41.8% a year ago, and just under 34% a year before that.
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