Spotify Technology SA, the world's leading streaming platform, said on Mond...
- Spotify Technology SA, the world’s leading streaming platform, said on Monday it had hit 100 million paid subscribers as it reported a better-than-expected rise in first-quarter revenue.
“Competition is just not a big factor for us, it’s really all about growth,” Spotify Chief Executive Officer Daniel Ek said on a conference call after the release of the quarterly results. Ek reiterated the company planned to “keep on growing at more than 30 percent per year,” referring to revenue and users.Growth in the quarter also had less of an impact than some analysts had anticipated on average revenue per user - 4.
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. Europe contributed 40 percent of the total paid subscribers, followed by North America with 30 percent. Spotify also said it expects total revenue of 1.51 billion euros to 1.71 billion euros for the second quarter and 6.35 billion to 6.8 billion euros for 2019. Analysts were expecting it to forecast total revenue of 1.62 billion euros in the quarter and 6.67 billion for the year.
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