Spotify has reported a 30% rise in premium users to 108 million in Q2, slightly less than analysts had forecast, as revenue beat expectations, rising 31.5% YoY to €1.7bn ($1.9bn). The company said it expects the number of paid subscribers will grow by another 25% this year and that its total subscriber base is expected to reach 130 million. CEO Daniel Ek said lost ground would be made up before the end of the year. Even so, revenue from premium subscribers rose 9% to €1.5bn. The number of daily active users rose 29% to 232 million, beating expectations. The firm has recently expanded its services to South Africa, the Middle East and India.
Spotify has reported a 30% rise in premium users to 108 million in Q2, slightly less than analysts had forecast, as revenue beat expectations, rising 31.5% YoY to €1.7bn ($1.9bn). The lower subscriber numbers pushed Spotify shares down 5%. CEO Daniel Ek said lost ground would be made up before the end of the year. Even so, revenue from premium subscribers rose 9% to €1.5bn. The number of daily active users rose 29% to 232 million, beating expectations. The firm has recently expanded its services to South Africa, the Middle East and India.