Spotify’s monthly active users top 500 million, beat estimate

Spotify last year laid out plans to get one billion users by 2030 and to reach $100 billion in annual revenue.

Spotify | Spotify userbase | Spotify MAU

It also promised high-margin returns from its costly expansion into podcasts and audiobooks. (Image Source: Pixabay)

Listen to this article

00:00

1x 1.5x 1.8x

Spotify Technology SA has crossed the half billion mark for monthly active users for the first time, helped by the music streaming company’s expansion into more markets, it said on Tuesday.

The number of monthly active users rose to 515 million in the first quarter, beating Spotify’s guidance and analysts’ forecast of 500 million, according to IBES data from Refinitiv.

Premium subscribers, who account for most of the company’s revenue, rose 15% to 210 million, topping estimates of 206 million.

Story continues below this ad

Its premium subscriber forecast of 217 million for the current quarter also beat expectations of 212 million. The company sees monthly active users of 530 million for the second quarter.

Also Read | Airtel plans to power 1.3 million homes in Bihar with NB-IoT smart meters

Spotify last year laid out plans to get one billion users by 2030 and to reach $100 billion in annual revenue. It also promised high-margin returns from its costly expansion into podcasts and audiobooks.

The company’s quarterly revenue of 3.04 billion euros ($3.35 billion) missed analyst estimates of 3.08 billion euros, and it posted a bigger loss than expected.

Gross margin dipped to 25.2% from 25.3% in the year-earlier quarter.

Spotify’s current-quarter revenue forecast of 3.2 billion euros also missed expectations of 3.26 billion euros.

($1 = 0.9066 euros)

Tags:
Spotify

Loading Taboola...

EXCLUSIVE: EC brings in feature to check misuse of identity to seek voter list deletions

Political Pulse30 min ago

The Election Commission has launched a new 'e-sign' feature on its portal and app to prevent fraud. This comes after allegations of misuse of online voter deletion forms in Karnataka. The feature requires voters to verify their identity using their Aadhaar-linked phone numbers, reducing the possibility of fraud.

View all shorts

Live Blog