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Spotify quarterly revenue beats Wall Street estimates on subscriber growth

The music streaming company hit 155 million paid subscribers for its premium service

Spotify
Spotify | Representational image
Reuters STOCKHOLM
1 min read Last Updated : Feb 03 2021 | 5:29 PM IST

Spotify Technology SA beat Wall Street estimates for fourth-quarter revenue on Wednesday, as the music streaming company hit 155 million paid subscribers for its premium service.

Premium subscribers, who account for most of its revenue, were up 24% from a year earlier. Analysts on average were expecting the company to have 153.26 million paid subscribers, according to IBES data from Refinitiv.

Total monthly active users rose 27% to 345 million.

Spotify said the pandemic had had little impact on its subscriber growth, though it may have contributed positively to pulling forward new signups.

Revenue rose 17% to 2.17 billion euros ($2.61 billion) for the three-months ended Dec. 31, from 1.86 billion euros a year earlier. Analysts were expecting revenue of 2.15 billion euros, according to IBES data from Refinitiv.

($1 = 0.8325 euros)

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Topics :Spotifymusic streamingmusic streaming industry

First Published: Feb 03 2021 | 5:19 PM IST

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