The Competition Is Falling Further Behind Spotify
Spotify (NYSE: SPOT) produced better-than-expected subscriber growth in the third quarter. Total listeners reached 248 million, with paid subscribers at 113 million. In just three months, Spotify added 16 million net new listeners. That's about one-quarter of Apple's (NASDAQ: AAPL) entire user base.
Management points out it's adding twice as many subscribers per month as Apple Music, according to publicly available data. It also says it's adding more total listeners than Amazon (NASDAQ: AMZN) on an absolute basis, and Amazon's listeners skew more toward ad-supported than Spotify's user base.
Additionally, management says engagement on Spotify is twice as high as Apple Music and three times as much as Amazon's streaming options. It also says it exhibits a churn rate half that of Apple Music for its premium subscribers.
Source Fool.com
