Spotify grows to 75 milli subscribers, disappointing Wall Street results

The streaming leader, Spotify, released its first earnings report after its release in February, highlighting a sequential increase in paying subscribers and a $ 1.36 billi business figure. The performance missed Wall Street's expectatis.

Spotify ended the quarter ending in March with a new record 75 milli subscribers, an increase of 45% over the same period last year, a indicated the company. These premium members are grouped into the 170 milli active users registered by the service during the same period, a figure up 30% year-over-year.

For the quarter, Spotify posted revenue growth from e year to the other of 26%, in line with its own estimates, but below Wall Street forecasts. The company's share price has surged in trading after opening hours, to go down to $ 153.50, or nearly 10% at the time of writing.

In April, the competitor of the Apple Music Industry broke through the 40 milli subscriber mark, up from 27 milli in June.

While Spotify's subscriber base is almost double that of Apple Music, Apple is gaining paying users at a rapid pace of 5% per mth. As noted The Wall Street Journal the trajectory of Apple Music will place the service ahead of Spotify in the United States this summer. It remains to be seen whether internal growth will translate into internatial gains, but users are showing ctinued interest in Apple's product with some 8 milli potential customers currently enrolled for a three-mth trial.

Apple executives praise Apple Music's growth during a earnings cference call for the secd quarter of 2018, CEO Tim Cook stating that the product has helped drive up sales. services revenue at $ 9.1 billi. Luca Maestri, chief financial officer, added the last quarter in March: Apple Music reached a new record for both paid subscribers and revenue.

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