Spotify, which launched its services in 86 new countries in the quarter. United states, Mexico, Russia have shown growth and India offset lower-than-expected growth in Latin America and Europe. Wall Street estimates for first-quarter revenue and paid subscribers’ rate has been beaten by Spotify Technology.
User growth in countries such as the United States and India has been drastically increased for the music streaming company. The company has expanded in newer markets also. When compared to last year, the company’s revenue, were up 21% to 158 million. This is most of all accounted by the premium users.
Revenue rose to 2.15 billion euros for the three months, beating the expectation of analysts’ 2.14 billion euros. When compared to last year it was, 1.85 billion euros. 157.5 million paid subscribers are expected averagely in this company by analysts. IBES data from Refinitiv shows these data.
This is one of the world’s most popular music streaming service. This has now recently boosting its podcast business. It has challenged a similar service unveiled by Apple. Its launch has given a paid subscription platform for podcasters. The monthly active users’ percentage has also drastically increased from 24% to 356 million.