On July 31, streaming music provider Spotify reported it had reached 108 million premium subscribers at the end of the second quarter. This represents an increase of 8 million paying subscribers over the prior quarter and a 31% increase year-over-year. The total fell well within Spotifys guidance of 107 million to 110 million. Monthly churn decreased to a record low 4.6%, but student subscriptions were lower than targeted. Spotify said it missed the target due to poor execution, not due to a soft market.