The company has bet big on podcasts, investing over a
billion dollars in acquiring shows such as the "The Joe Rogan
Experience" and other businesses in a bid to draw users to a growing
non-music audio segment.
Total monthly active users rose 19 percent to a record 422
million in the first quarter.
The Swedish company posted a 24 percent increase in revenue
to EUR 2.66 billion in the quarter. Analysts on average had expected revenue of
EUR 2.62 billion, according to IBES data from Refinitiv.
Spotify said the share of podcasts in content consumption on
its platform grew by double digits and reached an all-time high in the reported
quarter.
The company now expects total monthly active users of 428
million in the second quarter following the closure of its Russian operations
and the reversal of a loss of users after a service outage in March.
Spotify forecast second-quarter revenue of EUR 2.8 billion,
compared with estimates of EUR 2.81 billion.
Premium subscribers, who account for most of the company's revenue, rose to 182 million from 158 million, while advertisement-supported revenue rose 31 percent to EUR 282 million.
0 comments:
Post a Comment