A quarter of Spotify users now listen podcasts on the streaming service, the company announced today. As part of its fourth trimester announcement of results, he said his total number of users had reached 345 million, of which 155 million were paying customers. In addition, he has seen his ad revenue increase, which he attributes to the growth of podcasts as a key part of Spotify’s strategy. The company said today that it has seen a 100% year-over-year increase in revenue from its podcast studio.
The company achieved quarterly revenue of € 2,168 million, an increase of 24% year-over-year, limited by the depreciation of the US dollar. That came down to a quarterly loss of $ 83 million, down from the loss of $ 93 million this time around last year. COVID-19 remained a problem for the business as a number of companies cut their ad spending to save money during the current crisis. Spotify says that despite this, interest rebounded in the last quarter of the year.