Analysts at Wix Seo have been looking into how the world’s most popular music streaming service, Spotify, has grown its revenue by more than $1 billion in the last 12 months.
According to Wix’s latest financial report, the company has a revenue growth of 30% from Q4 2017 to Q4 2018.
It has also reported revenue growth in all other categories except advertising, which has dropped by 10%.
Wix Seolist CEO Richard Lee told Financial Post that Spotify revenue has been “pretty consistent for the last two quarters”.
“The growth is a little bit different,” he said.
“In Q4 we had about $1.4 billion in revenue, in Q4 last year, we had $1bn, we were pretty close to a billion.”
Wix has reported a revenue of $5 billion in Q1 2018, compared to $1 million for Spotify last year.
Wix also has some interesting data on the growth of its own revenue, which it has published in its recent quarterly report.
Its revenue grew at a compound annual growth rate of 5% from the first quarter of 2018 to the end of Q1 2019.
The company says that this is a significant improvement from its quarterly performance from last year of just 4%.
Wisely, it would be naive to suggest that Spotify has made a lot of progress in the quarter as compared to last year’s results.
Wiggo co-founder and CEO Andrew Scott said the company is still working on a solution for its subscription service, Wiggo, that would make it more convenient to subscribe to music.
“Wigget is a pretty big problem,” he told the Financial Post.
“There’s a lot going on with subscription and we’re still looking at it.”
Wiggeo’s new plan, which would make subscriptions even more convenient for customers, is still in the early stages.