Spotify reported a better-than-expected rise in first-quarter revenue

Spotify Technology SA reported a better-than-expected rise in first-quarter revenue on Monday as the music streaming company hit 100 million paid subscribers for its premium service, sending its shares up nearly 5 percent.

The global leader in the sector, with double the number of subscribers of nearest rival Apple Music, Spotify has launched in regions like India, Middle East and North Africa in recent months, seeking to fuel the next stage of its development as it continues to price aggressively in the developed world, reports Reuters.

Spotify said it had 217 million monthly active users (MAUs) in March, up from 173 million in the same quarter a year earlier. Analysts on average were expecting the company to have 218.6 million subscribers, according to research firm FactSet.

Premium or paying subscribers at the end of the quarter were 100 million, up from 75 million a year earlier. Analysts were expecting the company to have 99 million paid subscribers.

Revenue rose 33 percent to 1.51 billion euros ($1.69 billion), beating analysts’ estimates of 1.47 billion euros, according to IBES data from Refinitiv.

Europe contributed 40 percent of the total paid subscribers, followed by North America with 30 percent.

Avatar

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Advertisement

News of the Month

April 2019
S M T W T F S
« Mar   May »
 123456
78910111213
14151617181920
21222324252627
282930  
Scroll Up
%d bloggers like this: