Apple Who? Spotify Extends it's lead with 100 million paid Subscribers
NBC News —Spotify
reported a better-than-expected rise in first-quarter revenue on Monday
as the music streaming company hit 100 million paid subscribers for its
premium service, sending its shares up nearly 5 percent.
The
global leader in the sector, with double the number of subscribers of
nearest rival Apple Music, Spotify has launched in regions like India,
Middle East and North Africa in recent months, seeking to fuel the next
stage of its development as it continues to price aggressively in the
developed world.
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.
Revenue rose 33 percent to 1.51 billion
euros ($1.69 billion), beating analysts' estimates of 1.47 billion
euros, according to IBES data from financial analysis firm Refinitiv.
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