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Spotify paid music subscribers rises to 130 million, quarterly revenue jumps 22%


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FILE PHOTO: A trader is reflected in a computer screen displaying the Spotify brand before the comp

FILE PHOTO: A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson/File Photo


(Updated: )

REUTERS: Spotify Technology SA reported a 22 per cent jump in first-quarter revenue on Wednesday as the music streaming company beat analysts’ expectations to reach 130 million paid subscribers for its premium service.

Revenue rose to €1.85 billion (US$2.01 billion) for the three-months ended Mar 31 from €1.51 billion euros a year earlier. Analysts were expecting revenue of 1.86 billion euros, according to IBES data from Refinitiv.

Premium subscribers rose 31 per cent from a year earlier. Analysts on average were expecting Spotify to have 128.6 million paid subscribers.

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