Spotify Rides Google Home Mini Giveaway to 11% Rise in Premium Subscribers, Acquires Two Leading Podcast Networks
Spotify just released its fourth quarter of 2018 earnings data and the company is giving Google Home Mini some credit for strong user growth. Spotify reported 207 million monthly active users and 96 million premium subscribers. The premium subscriber number is up 36% over the 2017 fourth quarter and 11% over the previous quarter.
Smart speakers continue to be popular and are generating a positive knock-on effect for streaming music subscriptions. Spotify attributed the strong fourth quarter growth to the Google Home Mini giveaway promotion saying:
Premium Subscribers reached 96 million, up 36% Y/Y, hitting the high end of our guidance range of 93-96 million. Outperformance was largely attributable to better than expected intake from our Google Home promotion and annual Holiday campaign.
The company also announced the acquisition of podcast network Gimlet and podcasting platform Anchor. In a blog post today, Spotify CEO Daniel Ek indicated that:
“Based on radio industry data, we believe it is a safe assumption that, over time, more than 20% of all Spotify listening will be non-music content.”
Sounds like more content that can run through those Google Home Minis.