Spotify publishes first earnings report

Cerina Cruz
Cerina Cruz May 4, 2018
Updated 2022/04/14 at 11:00 AM
Berlin, Germany - April 20: The logo of the music streaming service Spotify is displayed on a smartphone on April 20, 2017 in Berlin, Germany. (Photo Illustration by Thomas Trutschel/Photothek via Getty Images)

Spotify has just released its first financial report as a public company, and it says their total number of users have increased largely.

The report claims that by the end of its first quarter, the streaming service has accumulated 170 million monthly active users (a 30% surge) and 75 million premium users (up by 45%). This means there are about 99 million free subscription users on the service. Their total revenue was €1,139 million, having grown 26%. The report estimates that their premium subscribers will further jump to 79 to 83 million.

The report also mentions the company’s new updates and endeavors, including an expanded bundle deal with Hulu, a partnership with Cadillac to automatically connect the app to their vehicles, and several new market launches around the world.

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