Spotify now has 220 million paying subscribers

Spotify had 220 million premium subscribers and 551 million monthly active users as of June 30, the company announced in its latest earnings report today. This represents growth of 27 and 17 percent, respectively, over the same period last year and is above the outlook issued in the previous quarter.

But while the number of listeners was growing, Spotify reports that it’s making less revenue on average from each of them. In today’s release, Spotify says its average revenue per user currently stands at €4.27 (about $4.72), a 6 percent year-over-year decline and a slight drop from last quarter’s €4.32 (about $4.79).

Today’s second-quarter earnings report comes less than 24 hours after Spotify announced it would raise its prices in the US and several other markets around the world, mirroring similar price increases seen with other music streaming apps like Apple Music, Amazon Music, Tidal and YouTube Music Premium. Spotify’s price hike is clearly designed to reverse its declining revenue per user, though its effects won’t be visible until next quarter.

The company reported a net loss of €302 million (about $333 million) for the quarter, compared to a loss of €125 million (about $138.5 million) in the same quarter last year. This isn’t particularly surprising for a company that typically prioritizes growth over quarterly profits, but clearly the company is working to reduce these losses going forward.

There’s no mention of its long-delayed HiFi streaming option in Spotify’s preliminary earnings release. The company announced the product two years ago, saying it would bring CD-quality lossless streams to the service. recently, Bloomberg The report adds that lossless streaming could be included as part of a more expensive subscription tier codenamed “Premium”, which may initially release in non-US markets later this year. A survey sent to at least one user last year suggested the company was considering charging $19.99 per month for a new streaming tier called “Platinum,” which would include HiFi, among other features.