U-S Sub Stagnation Is Challenge for Spotify

Preliminary data indicates that Spotify's US-based subscriber growth remained flat during the first half of 2025, suggesting a potential plateau in its largest market. 

According to a report from Digital Music News, early 2025 data showed a noticeable decline of approximately 5% in US-based Spotify subscribers during the first two months of the year, based on leaked data from sources at a major music conglomerate. 

This decline refers specifically to paid accounts, excluding multiple users in group plans like Family accounts, which raises questions about actual user engagement in these plans. Despite this, Spotify reported 53.8 million subscribers in the US as of May 2025, holding a 36.7% market share in the music streaming industry, with some growth in multi-user plans like Duo and Family, though not indicative of a large-scale trend.

Globally, Spotify continued to see growth, with premium subscribers increasing 12% year-over-year to 268 million in Q1 2025 and 276 million in Q2 2025, driven largely by markets outside the US. The flat growth in the US contrasts with this global trend, potentially reflecting market saturation or consumer price sensitivity, as Spotify has avoided raising prices in the US while planning increases in other regions. 

The US remains Spotify’s largest market, contributing significantly to its revenue, with North America accounting for 26% of its 263 million premium subscribers as of Q4 2024. 

Stagnation in the US could signal challenges in sustaining growth in a mature market, especially as competitors like Apple Music and Amazon Music maintain strong positions, collectively holding over 90% of the US market alongside Spotify. However, the data is preliminary and may not reflect full quarterly trends, as month-to-month fluctuations are common.