Spotify is continuing to lose money, which has been revealed earlier today with the company’s Q2 2022 financial release. The oncoming global recession doesn’t seem to have affected the amount of subscribers the company has, with a substantial gain in both free and paid accounts, but the company still isn’t making money.
In overall users, Spotify has seen a large jump in subscribers in the past quarter, up from 422 million to 433 million. Paying users have gained six million in the same time period. Four million joined the free, add supported tier.
However, in Q2 2022 Spotify has lost €194 million ($197 million). The company is betting on a cheaper source of content, i.e podcasts and audiobooks rather than music which comes with a large cost for the record labels, this is with the less than industry average the company pays artists.