Spotify closed its second calendar quarter this year with 108m subscribers and 232m total Monthly Active Users (MAUs).

In a new financial update today (July 31), SPOT confirmed that its premium subs count was up 31% year on year (on the same three months, to end of June, in 2018) – but below the midpoint of its guidance range of 107-110m.

The 108m figure represents a climb of 8m on the 100m subscribers Spotify attracted in the prior quarter of this year.

Worth remembering: Apple revealed last month that Spotify rival Apple Music had recently passed the milestone of 60m paying subscribers, though this figure included free trialists.

Interestingly, Spotify noted to investors today: “We have reached agreement with two of our four major label partners on the renewal of our global sound recording licenses, and are in active discussions with the other two.

“This is the sixth round of label negotiations we’ve worked through in our thirteen year history and, while it is typically a long drawn-out process, it has become part of the normal cadence of the business.”

The average paying Spotify subscriber across the world (ARPU) in Q2 2019 paid €4.86, down less than 1% YoY, but down 2% excluding the impact from foreign exchange rates.

“Downward pressure on ARPU continues to moderate, and we continue to expect that ARPU declines through the remainder of the year will be in the low single digits,” said Spotify.

SPOT’s global Monthly Active User count (232m) was up 29% year-on-year in Q2, and up by 15m people quarter-on-quarter.

Spotify’s total revenue in Q2 2019 stood at €1.67bn, up 31% YoY. Premium/subscription revenue made up 90.1% of this figure at €1.50bn, also up 31% YoY.

Quarterly ad-Supported revenue of €165m grew 34% YoY, and was up by €39m on the €126m posted in Q1 2019.

Spotify’s operating losses in Q2 totalled just €3m. The firm said: “Our better than expected loss in the quarter was a result of higher Gross Profit and lower than expected spend across artist marketing, R&D, and G&A.”Music Business Worldwide