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Spotify is in the green again – but where is Spotify HiFi?

Spotify is in the green again – but where is Spotify HiFi?
Spotify is in the green again – but where is Spotify HiFi?

The music streaming market leader Spotify is reaping the first fruits of its podcast offensive. In the past quarter, advertising revenues jumped 75 percent year-on-year to 323 million euros. Their share of the entire Spotify business rose from a good 9 to around 13 percent. Spotify had invested a lot in the expansion of the podcast offer in recent months with acquisitions and exclusive deals. However, nothing is heard of the promised hi-fi upgrade for customers.

The subscription revenues rose in the third quarter by 22 percent to around 2.18 billion euros, as the company from Stockholm announced on Wednesday. Spotify now has 172 million subscription customers, 7 million more than three months ago. The free version with advertising has 220 million users, an increase of 10 million in the last quarter. As before, the company expects up to 181 million subscription customers and 407 million users in total by the end of the year.

The Spotify group turnover grew by 27 percent to 2.5 billion euros. The revenue per subscription customer increased by four percent to 4.34 euros. The value was recently under pressure given the expansion of business in countries with lower prices and discount promotions.

Last year it was in the red

Bottom line, Spotify posted a quarterly profit of two million euros – after red numbers of 101 million euros a year earlier. In recent years, taxes on employee remuneration with shares have depressed profits, especially in the home market of Sweden. With a lower share price, these taxes were recently lower than expected, explained Spotify.

Spotify is considered to be the clear number one in the music streaming business ahead of Apple. The iPhone company had more than 60 million subscription customers in its Apple Music service in the summer of 2019 – and has not given any new figures since then. Unlike Spotify, Apple does without a free version and recently improved its offer with music in better quality and spatial multi-channel sound. (dpa)

When will Spotify HiFi finally come?

When Spotify will finally make its announced premium audio version available remains unclear. When asked by DIGITAL FERNSEHEN there was no tangible answer from the Swedish music streaming market leader. The fact is: music fans with an ear for better audio quality might be toying with a switch to the competition – after all, hi-fi quality has been available at no extra charge since spring 2021. (rws)

Source

Spotify green Spotify HiFi

 
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