Despite an increase in paying subscribers, Spotify reported a loss of €356 million overall during this period.
With people slowly adapting to the new normal, Spotify listening hours have recovered back to the pre-pandemic levels. The overall podcast consumption on the platform has more than doubled during this period, with a slight increase in the number of monthly active users listening to podcasts.
The report stated that a strong recovery was seen in geographical areas where the spread of the virus was slowing. The recovery in consumption was led by Europe and Asia, while Latin America remained 6% below peak levels.
Despite that, Latin America continues to be among the fastest-growing regions for Spotify, with a 33% increase in monthly active users YoY. Globally, the Stockholm-based music streaming company has 299 million active users, a 29% increase from 2019.
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