Spotify now has 100 million paid subscribers
Spotify’s (SPOT) paid subscribers, the main driver of the company’s growth, continued to grow quickly. The music streaming giant said that it had a remarkable 100 million paid subscribers at the end of the first quarter, a 33.3% YoY increase of 4 million subscribers during the quarter, which was at the higher end of the company’s guidance.
Spotify’s total monthly active users stood at 217 million at the end of the quarter, growing 25.4% YoY. However, as mentioned above, most of the company’s revenue came from its 100 million paid subscribers. The revenue from those premium subscribers came in at 1.385 billion euros, an increase of 34% YoY, while the company generated only 126 million euros from ad-supported users, an increase of 24%.
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Spotify now has 2 million users in India within two months of operation
The company added that after its launch in India in late February, it has managed to gain 2 million total users in the country. It had gained 1 million users within one week of its launch. The company has spent heavily on advertisements in India. India was the 79th country Spotify made its service available in.
The company is the leader in terms of global paid subscribers. Apple Music has not provided an update for some time. The company had 50 million global subscribers a year ago.
Spotify said that it expects to have 117 million to 127 million premium subscribers at the end of this quarter, which would represent growth of 21% to 32% YoY. Spotify’s strong subscriber growth will continue to support its revenue growth in the short term.