Spotify has released its first-quarter earnings for 2021. The company performed mostly in line with expectations as its users continued to listen to the service at home during our COVID-19 times. The biggest highlight of Spotify’s Q1 came from premium subscriptions, which rose 21% YOY to 158 million. On a quarter-over-quarter basis that’s almost 4 million new premiums subscribers, or a 2% increase Q/Q. Spotify says that premium subscriber growth was led by North American consumers.
Here are the main highlights of Spotify’s Q1 2021:
- Monthly Active Users (MAU) grew 24% year-over-year to 356 million at the end of Q1.
- Ad-Supported MAUs totaled 208 million at the end of Q1, up 27% year-over-year.
- Premium Subscribers totaled 158 million at the end of Q1, up 21% year-over-year.
- Total Q1 revenue was €2.147 billion (about $2.59 billion), up 16% year-over-year.
- Of that, premium revenue was €1.931 billion (about $2.3 billion) in Q1, up 21% year-over-year.
Spotify also gave an update on its podcast content–an area that is increasingly seeing fierce rivalry between themselves and Apple. At the end of Q1, Spotify had more than 2.6 million podcasts on their platform. That’s up about 400,000 from last quarter. The company also noted that the “Joe Rogan Experience performed above expectations with respect to new user additions and engagement,” however it did not give any specific metrics for Spotify’s star podcaster. Another tidbit Spotify dropped was that Olivia Rodrigo’s single, drivers license, racked up over 15 million global streams on a single day–January 11. This was a Spotify record for most streams of a single song in a day for a non-holiday song.
Finally, Spotify offered its Q2 guidance. The company says in Q2 it expects 366-373 million MAUs and 162-166 million premium subscribers. It also expects total Q2 revenue to be between €2.16-€2.36 billion (about $2.6-$2.8 billion).