Spotify's paid subscribers hit 138 million as music streaming demand rebounds
- Ahead of the Wall Street estimates Spotify has mounted the number of subscribers to 138 million after the ebbing away of coronavirus induced uncertainties
- Its revenue rose to 1.89 billion till June while premium subscribers were increased by 27 percent
Spotify Technology SA 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.
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