The COVID-19 pandemic’s continued impact on Spotify’s business was apparent in the results of the company’s Q2 2020 earnings today. On some fronts, Spotify had good news. As more users turned to streaming services to keep themselves entertained while social distancing, Spotify grew its active monthly users by 29% to reach 299 million in the quarter. Its paid subscriber growth also topped Wall Street expectations with 138 million paid users, versus estimates of 136.4 million. However, the pandemic took a negative toll on Spotify’s advertising business, with ad revenue down 21% year-over-year to €131 million in Q2.
