Having 188 Million Premium Subscribers Spotify Is Still Losing Money 

Spotify continues to lose money, as revealed earlier today in the company’s second quarter 2022 financial report. The looming global recession doesn’t seem to have affected the number of subscribers the company has, with significant gains in both free and paid accounts, but the company is still not making any money.

Spotify saw a significant jump in subscribers in the last quarter, from 422 million to 433 million. Paid users received six million in the same time period.  Four million joined free, add a supported tier.  But in the second quarter of 2022, Spotify lost €194 million ($197 million). The company is betting on a cheaper source of content, podcasts and audiobooks, rather than music, which costs record companies dearly, as the company pays artists less than the industry average.