Spotify’s current quarterly report exceeds analysts’ expectations. Because the number of subscribers and the turnover was far above the estimates, artificial intelligence should also produce even more content in the future.
Only a few more days and the first half of 2022 will already be over. For many companies, this means taking stock. Same with Spotify. The second quarterly report of the year is available.
However, this is a reason to be happy for the Swedish music streaming service because the quarterly figures at the end of July 2022 exceeded the analysts’ expectations.
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The streaming service had 188 million premium subscribers in the second quarter of 2022. This corresponds to a 14 percent increase in monthly paying users. According to the Reuters news agency, the expanded range of podcasts is the reason for the rise in new listeners.
The total number of monthly active users increased by 19 percent to 433 million. According to the analysts’ predictions, there should only be around 428 million subscribers.
In addition, the company recorded an increase in sales of 23 percent to 2.9 billion euros. Spotify also beat the estimates. The analysis team had previously only expected around 2.8 billion euros.
In the first half of 2022, Spotify aggressively hired staff. In addition, the company has dealt intensively with its marketing activities.
At the same time, the music streaming service has dramatically expanded its range of podcasts. Spotify put over a billion US dollars into purchasing the “Joe Rogan Experience.” In addition, the company also invested in other podcasts to attract even more subscribers to this segment.
According to Spotify, the number of podcast listeners has reached a record in the current quarter. Subscribers can choose what they want to hear from 4.4 million podcasts.
To further boost the business, Spotify completes two acquisitions of other companies at the end of the year’s first half.
On the one hand, the music streaming service will work together with the audiobook platform Findaway in the future. Their technology is intended to help Spotify accelerate its entry into the audiobook market.
In addition, Spotify has bought the AI voice platform Sonic. The AI generates voices from the text in a form that does not differ in quality from humans. However, the company has not yet revealed exactly what the streaming service plans to do with it.
However, voice AI should offer “new unique experiences” for users and enable Spotify to “address subscribers in a new and even more personal way.”
The new technology could provide listeners with audio-based recommendations and descriptions when there is no screen in front of their eyes, such as while driving. We believe quality voice acting will be essential to increase our audience share in the long run.
Spotify Live – formerly known as Spotify Greenroom – will also be expanded in the future. Spotify Live can be consumed as a standalone app and a live stream function in the company’s app. Spotify expects 450 million monthly active subscribers in the coming quarter.
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