Spotify currently has no rivals in audio, but online video platforms like YouTube and TikTok will compete with Spotify
According to the latest data, on May 2, Spotify’s downloads in the Android market exceeded 1 billion. This number is based on Google Play Store statistics. Now that Google’s own audio app is no longer active, Spotify has become the most downloaded online audio app on the platform. Two years ago, the Android application was downloaded 500 million times. This means that it took the app two years to double the number of downloads.
Spotify for Android has over 1 billion downloads
Spotify is currently struggling to expand its offerings. The application not only offers audio services but also expands the circle of free and subscription users. In addition, Spotify is actively investing in the development of its podcast platform. The company hopes its platform will compete with Amazon Audible by publishing audiobooks.
However, despite the rapid expansion of the company, there are a number of challenges. The increase in subscription fees, as well as the reduction in the share paid to artists, are causing serious concerns. Spotify has not only put in the software development effort but also launched its own car audio player. It has a simple design and a large touch handle. In the audio space, Spotify currently has no rivals, but online video platforms like YouTube and TikTok will compete with Spotify.
According to its first-quarter financial report, Spotify has total revenue of € 2.147 billion. This is 16% more than a year earlier.
Spotify predicts that the number of monthly active users (MAU) in the second quarter of 2021 will reach 366-373 million. The number of paying users will reach 162-166 million dollars.