Spotify is about to attempt to change into a podcasting big with two new acquisitions — and we’ve got some ideas for that — however first, it’s crossing an vital milestone with its music streaming enterprise. Today, for the very first time, the corporate is reporting that it’s turned a revenue.
That’s proper: some 13 years and 96 million paid subscribers later, Spotify is lastly getting cash. Unless you depend that one time a sophisticated tax scenario technically threw it into the black.
“[F]or the first time in company history, Operating Income, Net Income, and Free Cash Flow were all positive,” reads a portion of Spotify’s financial announcement this morning. Specifically, the corporate made an working revenue of €94 million, or about $107 million.
It’s presumably an excellent signal for your entire trade, not simply Spotify, as a result of Spotify is arguably main that trade at this time. Those 96 million paid subscribers add as much as practically double Apple Music’s 50 million subscribers, and Spotify introduced it had 207 million month-to-month energetic customers in complete this previous quarter.
All that stated, the revenue might not final. The firm is forecasting a lack of €50 to €100 million (about $57 to $113 million) subsequent quarter and €200 to €360 million (about $227 to $409 million) over the total yr.