Despite Spotify’s monthly active users slowing down in Latin America, the streaming store is still on track to hit 1 billion users worldwide by 2030. They recently held an event in New York where they shared all their latest predictions.
Spotify recently held it’s very first ‘Investor Day’. The event was held in New York and consisted of Spotify hosting a presentation about where they’re currently standing and where they see themselves heading. They first discussed the expansion into audiobooks. After their success within the Podcast world, they have set their sights on expanding further. In 2022 where everyone’s constantly busy and no one seems to have any free time, audiobooks are popular. Rather than sitting down and reading a book, people can choose to listen to it instead.
Meaning, they can hear the story wherever they are. On their commute, while working out, or even doing their weekly shop. Audiobooks mean no one has to miss out just because they’re lacking time to sit down and read. Instead of listening to music, individuals will be able to load Spotify and listen to a book. It also would be hugely beneficial for those who have difficulty reading, or are visually impaired. It’s a fantastic way for Spotify once again to stand out from their competition. While other stores aren’t offering an audiobook option, Spotify can perfect theirs.
The music company express hitting one billion users within 2030 wouldn’t be impossible. They ended 2021 with 406 million monthly active users (MAUs) across the globe. This had shot up by 61 million YoY. If Spotify could maintain this growth over the next few years, the platform would reach the goal of 1 billion MAUs by the second half of 2030. Spotify intend to help themselves reach this goal by focusing their attention on growth within certain markets. They want to improve their user numbers across North America, the UK, Western Europe, Australia and also New Zealand.
However, they need to also focus attention across emerging markets. Africa, Asia, Latin America and the Middle East should not be ignored. Monthly active users within Latin America have been slowing down recently. So, in order to find themselves at a comfortable point, Spotify need to focus some attention there. Otherwise, it might be harder for them to grow to the levels expected. They need to focus on the areas of the world that aren’t already performing. It’s likely many people in the countries that are doing well for numbers, have already picked a streaming platform. Their new features may sway people to change. However, focusing on countries where streaming stores aren’t as popular will hopefully secure them the numbers they need.