Spotify has 300 million users but it's still losing money

In the last quarter, Spotify hit a high of 299 million monthly active users, up 67 million from last year, 138 million of whom are paying subscribers via Spotify’s premium tier, CNBC reports. Users’ overall podcast consumption has more than doubled, and one-fifth of monthly active users are listening to podcasts. But the company proceeded to report a 21% year-over-year loss in advertising revenue, as well as a 9% year-over-year drop in its premium monthly average revenue per user (ARPU) — and overall in Q2 2020, the company posted a loss of €356 million. Spotify has been consistently hitting new growth milestones while suffering large losses for years. Apart from announcing the business facts, Spotify has expanded their latest feature The Group Session, to allow multiple people to listen to, and control, the same playlist in real time, while being physically apart. It allows up to five people.