Music streaming service Spotify attracted more users in the past quarter. According to the Swedish company, the total number of monthly active users increased year-on-year by 29 percent to 207 million.
This meant a slightly stronger increase than expected, because Spotify had predicted a bandwidth of 199 million to 206 million users. According to the company, growth was broad-based, with especially strong progress in Latin America and other emerging regions. Spotify expanded its presence in the past period from 65 to 78 countries.
Sales increased by 30 percent year-on-year to 1.5 billion euros, helped by more paying subscribers. Spotify posted a net profit of 442 million euros, against a minus of 596 million euros a year earlier. The Spotify, which was founded in 2008, was listed on Wall Street in April last year.
Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by lesley.woutersen@economicinform.com.
