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Apple Music registered a total of 84.7 million users in 2022, Tencent ranked third with 82.7 million users. Deezer, a partner of Mercado Libre in Latin America, was in 8th place with 9.5 million users.
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While the music services of Apple Music and Amazon Music have seen an increase in their number of accounts in recent years, they still fail to reach Spotify’s figures.
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According to Statista, between April and June 2022, Spotify positioned itself as the world’s leading music streaming platform with a market share close to 31 percent. Apple Music took second place, while Tencent completed the podium.
Spotify, the music streaming giant, has left both insiders and outsiders stunned with its recent announcement of unexpected profits and astounding performance in its latest financial report. Comparing these astonishing figures with their closest competitors, Amazon Music and Deezer, sheds a fascinating light on the music streaming industry.
Spotify Leads the Way in Profits and Active Users
In terms of revenue, Spotify shines with over twice the earnings compared to Amazon Music and Deezer combined. Despite the fierce competition in the music streaming market, Spotify continues to be the undisputed leader.
If we look at the number of active users, the gap is even more evident. Spotify boasts over twice the active users of Amazon Music and a staggering 42-fold advantage over Deezer. This proves that Spotify is not just a music streaming platform; it’s a cultural phenomenon connecting more people worldwide.
Amazon Music and Deezer in Rapid Growth Mode
While Spotify leads with authority, we can’t overlook the achievements of Amazon Music and Deezer. Amazon Music has been gaining ground rapidly in the United States, indicating steady growth in a highly competitive market. On the other hand, Deezer is emerging as a popular choice in Europe, where it’s capturing the attention of audiophiles and music lovers alike.
The Astonishing Spotify Financial Report
Spotify’s most recent financial report reveals outstanding performance. Monthly active users grew by 26% to 574 million, surpassing expectations. This highlights Spotify’s global impact, with an astonishing 21% of users in Latin America.
Even more impressively, Premium subscribers grew by 16% year on year, reaching 226 million. Again, a robust 21% of these are in Latin America. Net additions of 6 million surpassed expectations, demonstrating continued user loyalty to the platform.
Total revenue also increased by a solid 11% year on year, reaching 3.4 billion euros. This exceeded forecasts and underscores the company’s financial strength.
Furthermore, the gross margin surpassed expectations, registering at 26.4%. This achievement is attributed to improvements in podcasting trends and Marketplace growth, among other factors.
Operating income reached 32 million euros, thanks to a higher gross margin and lower-than-expected personnel and marketing expenses.
Spotify stands firm as the leader in the music streaming industry, surpassing all expectations in revenue, active users, and Premium subscribers. While Amazon Music and Deezer are making notable forays into emerging markets, Spotify remains the reference point in the world of music streaming. The competition is fierce, but Spotify doesn’t appear willing to relinquish its throne anytime soon.
