Breaking News

COLORFUL Introduces iGame Shadow II Series DDR5 Memory TerraMaster Launches D1 SSD Plus ASUS Announces Late-August Availability of ProArt Display 6K PA32QCV ASRock Announces Exciting New AMD X870E motherboards ASUSTOR 30 TB Ironwolf Pro Now Officially Supported

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

Spotify Reports Profit, Rise in Paid Users

Spotify Reports Profit, Rise in Paid Users

Enterprise & IT Oct 28,2019 0

Spotify Technology SA posted a profit for third-quarter revenue as the music streaming company added more-than-expected subscribers to its premium service, sending its shares up 12%.

The Swedish company said its number of premium subscribers had risen by 26 million in the past year to 113 million at the end of September.

Spotify said in a letter to shareholders it was adding roughly twice as many subscribers per month as tival Apple.

However, lower-than-expected addition of new subscribers in the second quarter had led to concerns that rivals might be gaining on Spotify, particularly in countries where Spotify faces home-grown competitors.

Spotify said it had also reduced artist marketing and research and development costs in the quarter, contributing to the surprise profit.

The world’s most popular music streaming service forecast fourth-quarter total premium subscribers of 120 million to 125 million.

The company expects its broader measure of monthly average users to grow to between 255 million and 270 million in the current quarter.

Net income attributable to shareholders rose to 241 million euros for the third quarter.

Revenue rose 28% to 1.73 billion euros ($1.92 billion) for the three months ended Sept. 30.

The world’s largest paid music service is spending to maintain its lead over Apple and Amazon, and the company cited data that indicates it is growing more quickly than either company. Spotify is adding twice as many subscribers per month as Apple, and more users in total than Amazon.

Spotify is also looking to boost usage of its app at home using podcasts. The Stockholm-based company redesigned its app to boost listenership of non-music programming, and spent about $400 million to acquire podcasting companies this year.

Tags: Spotify
Previous Post
Intel Announces the Core i9-9900KS Special Edition Processor For Gaming
Next Post
Infinity Ward to Fix Xbox One X Crashes With New CoD Modern Warfare

Related Posts

  • Spotify Paid Music Subscribers Rise to 130 Million

  • Spotify Launches Music Relief Project

  • Spotify Reports Rise in Premium Subscribers

  • Amazon Music Crosses 55 Million Subscribers

  • Spotify Releases Playlists For Dogs

  • U.S. Music Streams Reached the 1 Trillion in 2019

  • Spotify to Ban Political Advertising

  • The Story of Spotify to Become a Netflix Series

Latest News

COLORFUL Introduces iGame Shadow II Series DDR5 Memory
PC components

COLORFUL Introduces iGame Shadow II Series DDR5 Memory

TerraMaster Launches D1 SSD Plus
PC components

TerraMaster Launches D1 SSD Plus

ASUS Announces Late-August Availability of ProArt Display 6K PA32QCV
Enterprise & IT

ASUS Announces Late-August Availability of ProArt Display 6K PA32QCV

ASRock Announces Exciting New AMD X870E motherboards
PC components

ASRock Announces Exciting New AMD X870E motherboards

ASUSTOR 30 TB Ironwolf Pro Now Officially Supported
Enterprise & IT

ASUSTOR 30 TB Ironwolf Pro Now Officially Supported

Popular Reviews

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

Noctua NH-D15 G2

Noctua NH-D15 G2

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Crucial T705 2TB NVME White

Crucial T705 2TB NVME White

be quiet! Pure Base 501

be quiet! Pure Base 501

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed