"These results illustrate the power of our business despite Covid and other related challenges across the globe. This affirms our belief that there is significant pent up demand for Spotify around the world - even in places where our service has yet to launch. "We also beat expectations in our newest markets where we are seeing growth continue to accelerate. "The size of our total catalogue increased significantly, and our advertising business returned to growth," said CEO and co-founder Daniel Ek during the earnings call. “We are particularly encouraged by our MAU strength this quarter, as it supports the long-term health of our customer acquisition funnel and gives us confidence as we continue to expand into new markets,” said Spotify in a statement. There was a strong performance in India and Russia. Total monthly average users (MAUs) grew by 29% year-on-year to 320 million, which was above the top end of the guidance range. The Google Nest mini promotion in the quarter exceeded forecasts in the UK and Canada. Spotify said it also had a strong performance from the global rollout of the Duo subscription offer. Growth was strong across all regions, with the added benefit of new launches including in Russia, which is the most successful new market launch to date. The increase in subscribers was at the top end of its guidance range.
The streaming giant now has 144m paying customers. Spotify has reported a 27% year-on-year growth in premium subscribers during Q3.
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