Spotify’s paid subscribers hit 138 million as music streaming demand rebounds

FILE PHOTO: A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson/File Photo

July 29, 2020

STOCKHOLM/NEW YORK (Reuters) – Spotify Technology SA <SPOT.N> said on Wednesday music streaming demand had rebounded from the coronavirus-related weakness it saw at the start of the quarter and its paid subscribers reached 138 million, ahead of Wall Street estimates.

Premium subscribers, which accounts for most of the company’s revenue, were up 27% from a year earlier. Analysts on average were expecting the company to have 136.4 million paid subscribers, according to IBES data from Refinitiv.

Revenue rose 13% to 1.89 billion euros ($2.22 billion) for the three-months ended June 30, from 1.67 billion euros a year earlier.

(Reporting by Supantha Mukherjee in Stockholm and Ken Li in New York, Editing by Johan Ahlander)

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