subscriptions this weekīut there are signals that growth is slowing, as Spotify faces heightened competition from Big Tech rivals edging in on the music streaming group’s business.
This slightly beat the Wall Street consensus of 157 million premium subscribers.Īlso read: Spotify is raising prices on many U.S. Spotify added 3 million of these users in the first quarter to hit 158 million premium subscribers, a 21% increase from the same period in 2020. Growth was better among users paying for Spotify’s advertising-free service.
This figure neared the bottom of the company’s previously guided range of 354 million to 364 million, and in a statement Spotify said it was “modestly below our internal expectations.” The metric also missed Wall Street expectations of a figure above 360 million, based on the FactSet consensus. The Stockholm, Sweden-based company said that monthly active users - a key metric - grew to 356 million in the first three months of 2021, a 24% rise compared with the same period in 2020.
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