The number of monthly active users reached 489 million in the quarterexceeding the forecasts of Spotify and analysts, who they expected 477.9 million.
The premium subscribers, which represent most of the company’s revenues, increased by 14%a 205 million, beating estimates of 202.3 million, according to IBES data from Refinitiv.
Apart from the forecast of 500 million users, Spotify also expects to reach 207 million premium subscribers in the current quarter. and ones revenue of 3.1 billion euros (3.350 million dollars). Analysts expected 202 million subscribers and income of 3,050 million euros.
Their quarterly revenues were 3.2 billion eurosabove analyst estimates of 3,160 million euros.
Spotify introduced last year its plans to reach 1 billion users by 2030 and reach some annual revenue of 100,000 million dollars. It also promised a high profit margin with its expensive expansion into podcasts and audiobooks.
The company has invested more than $1 billion in building its podcast business, which currently has more than 4 million titles. However, these investments have affected gross margins.
Source: Ambito
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