Spotify Hits Over 124 Million Premium Subscribers & Reports Growth at 3 Million Users Per Month

New music by ABBA isn’t the only big news this week; Spotify has something bigger to share. With over 124 million premium subscribers worldwide, Spotify is reportedly growing at 3 million users per month.

Spotify confirmed the impressive numbers at the end of December 2019. This includes the 124 million Premium subscribers and 271 million total Monthly Active Users worldwide. With the subscriber figure, Spotify had an average per-month subscriber growth rate in Q4 of 3.66 million users. At the end of 2019, their global premium subscription count was up 29%. Furthermore, the 124 million subs count was on the top end of the anticipated guidance range of 120-125 million.

From an investor meeting yesterday, Spotify shared the updates and some hopeful comments regarding the future:

“With three consecutive quarters of accelerating MAU growth and another year of record net subscriber additions behind us, we are enthusiastic about the underlying trends in the business. From history, we know that MAU growth tends to be a leading indicator of future subscriber additions, which is then followed by revenue gains in both premium and ad-supported users. While we believe these trends will continue moving forward, we have been appropriately conservative regarding our 2020 guidance as our data, particularly around the benefits from podcasts, is still reasonably new.”

All in all, the future looks bright for Spotify. The integration of podcasts has no doubt helped the company grow. It is even being reported today that Spotify is bidding on sports media company, The Ringer. This will only grow their podcast regiment even further.