Spotify Q2 total revenue was €1.9 billion, up 13% year-over-year. Premium revenue was up 17% year-over-year to €1.8 billion, while ad-supported revenue fell 21% to €131 million. Average revenue per user in the Premium category was down 9% to €4.41 as Spotify noted sales taking a hit due to the pandemic in March through May while “significantly [outperforming] expectations in the month of June.” Free cash flow fell by €23 million to €27 million while net loss widened from €76 million to €356 million, or €0.42 to €1.91 per share. 

“I’ve never been more bullish about where we are today and our future opportunity,” says CEO Daniel Ek. “There are still billions of people who have yet to discover on-demand music streaming or listening to a podcast and many more we have yet to reach in markets around the world.” See Ek’s complete statement here. Monthly active users grew 29% year-over-year to 299 million with North America exceeding expectations and seeing improved retention. Premium subscriptions hit 138 million, up 27% year-over-year, driven by Family Plan subscriptions. In-car listening also rebounded, hitting less than 10% below pre-pandemic levels by the end of the quarter after dropping 50% in April. See the complete earnings release here.