The numbers are in, so we’re going to start seeing the Q2 2022 earnings for a lot of companies. During Spotify’s latest earnings call, we found out that it’s discontinuing the short-lived Car Thing. Now, we know that the company has some positive views for the future.
Spotify expects to hit 450 million users by this October
The company saw a mix of gains and losses based on its earnings report, but the company’s CEO Daniel Ek, has high hopes for the company’s number of active monthly users. “…it’s hard to be anything but optimistic given what I’m currently seeing”. Right now, the company has about 188 million people subscribed to the Spotify premium service, but the number of monthly active users is about 433 million. That’s a massive amount, and it’s definitely more than the competition. By this October, the company projects that it will reach 450 million active users. This number represents the number of monthly users, it’s anyone who listens to the app at any point during the month. As for the company’s other finances, the company saw some ups and downs. Spotify reported a loss of €125 million in Q2 2022. That is about 6.25x more than the €20 million in Q2 2021. While that’s a massive drop in earnings, the total revenue was up about 23% to €2.864 billion.
In Other Spotify News: Spotify discontinued the Car Thing
According to Spotify’s earnings report, the company had to shelf its first and only piece of hardware. The Car Thing will no longer be manufactured, and that means that you won’t be able to buy any more stock when it runs out. If you want to get your hands on one, you’ll need to act quickly. The price is now down to just $50. Also, it will work just as intended even after production stops.
