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Spotify passes 300 million premium subscribers as revenue rises 14%
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Business Matters
Spotify reached 300 million premium subscribers in the second quarter, the company said on Tuesday, as revenue rose 14 per cent year on year to €4.78 billion, about $5.5 billion.
Monthly active users grew 12 per cent year on year to 777 million, one million short of the company’s prior guidance.
Spotify added 16 million users overall during the quarter.
For the current quarter, Spotify forecast it would add about 11 million monthly active users to end the period at 788 million, below Wall Street estimates of roughly 793 million.
It said premium subscribers would rise by about five million to 305 million.