October 20, 2021

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Spotify Q1 2021 Results ‘Meet Expectations’

Q1 Financials

SPOTIFY CEO/Founder DANIEL EK said, “I’m pleased with the continuing momentum we are seeing across many aspects of our business this quarter, including our subscriber growth. 2020 was a very strong year for Spotify and we believe SPOTIFY is well positioned to continue to extend our leadership globally as we move forward.”

Highlights from the quarter include:

  • Key Metrics: 356M MAUs, within guidance range; Subscribers of 158M, meeting the top end of our guidance range. Gross Margin finished at 25.5%, at the top end of our guidance range; Generated €41M of FCF.
  • Revenue: Towards the top of guidance range on a reported basis due to subscriber outperformance; FX headwinds, while significant to growth, were slightly better than expected.
  • Advertising: Outperformed forecast with all regions growing double digits Y/Y excluding the impact of FX; The strength was also led by our podcast and programmatic channels.
  • Podcast Consumption: Strong increase in Q1 podcast consumption hours vs. Q4, with March an all-time high in podcast share of overall platform consumption hours. The percentage of MAUs that engaged with podcast content on our platform was consistent with Q4 levels. 
  • Guidance: The company has modestly lowered our MAUs range for the FY, and increased our outlook for Total Revenue and Gross Margin, as well as decreased Operating Loss expectations. Given the extraordinary operating circumstances we currently face with respect to the impact of COVID-19, there is a greater likelihood of variances with respect to the ranges provided than typical.

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