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Spotify beats forecasts, hits 100 million premium subscribers

Credit: Reuters Studio
Published on April 29, 2019 - Duration: 01:10s

Spotify beats forecasts, hits 100 million premium subscribers

Music streaming service Spotify hit 100 million subscribers to its premium streaming service in the first quarter, more than double the number of nearest rival Apple.

Julian Satterthwaite reports.

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Spotify beats forecasts, hits 100 million premium subscribers

Spotify just hit one hundred million subscribers for its premium music streaming service.

That's up about a third on a year earlier.

The Sweden-based firm revealed its latest earnings Monday (April 29).

The new numbers mean it has about double the number of paid subscribers as nearest rival Apple.

Its rise helped by recent launches in India, the Middle East and Africa.

In all it now has 217 million active users per month.

The heft means it can make or break music acts.

Producers battle to get their stars on Spotify playlists like the weekly New Music Friday.

The company's revenues on the up too.

Almost one point seven billion dollars in the first quarter.

Also up a third.

Spotify shares rose as much as five percent Monday in response.

Competition is getting tougher though.

Amazon and Google are both stepping up their music streaming services.

Add in Apple's big investment and that leaves Spotify taking on three of the biggest names in tech.

So far, it seems to be up to the challenge.

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