Spotify today announced its Q2 2019 earnings where it revealed that it now has 108 million paid subscribers. That’s an increase of 8 million from the 100 million subscribers it had announced back in April.
More importantly, the monthly subscriber churn declined to a record low of 4.6%.
Overall, Spotify now has 232 million monthly subscribers worldwide — an increase of 29% YoY and beating the company’s own expectations. The company noted that it grew faster than anticipated in many of the regions, with the launch of Spotify on PlayStation in Latin America and the Middle East helping things further.
The company now expects to have 125 million paid subscribers by the end of this year.
Compared to Spotify’s numbers, Apple Music has around 60 million paid subscribers as revealed by Eddy Cue in June. While Apple Music is behind Spotify, it has more paid subscribers than the latter in the United States.
At one point, Apple Music was growing faster than Spotify and many expected it to overtake the latter by the end of 2019 or early 2020. However, Spotify’s subscriber base received a huge boost thanks to its free Google Home mini promo during the holiday season last year which saw it add 7 million subscribers in Q4 2018.
Apart from running such marketing campaigns, Spotify has also been continuously adding new features to its streaming platform. It acquired Gimlet and Anchor earlier this year to boost its podcasting efforts. For developing markets, it rolled out Spotify Lite earlier this month.