Spotify Technology SA said on Tuesday that the number of monthly active users has reached 500 million for the first time. This was made possible by the company’s growth into more countries.
IBES data from Refinitiv shows that the number of monthly active users rose to 515 million in the first quarter. This was more than what Spotify had predicted and more than what experts had predicted, which was 500 million.
Premium users, who bring in most of the company’s money, went up 15% to 210 million, which was more than the 206 million that was expected.
Its prediction of 217 million paid subscribers for the current quarter was also higher than the 212 million people who thought it would be. For the second quarter, the company predicts that 530 million people will use the service every month.
Last year, Spotify laid out plans to have a billion users by 2030 and make $100 billion a year. It also said that its expensive growth into podcasts and audiobooks would bring in high profits.
The company’s quarterly sales of 3.04 billion euros ($3.35 billion) was less than the 3.08 billion euros that analysts had predicted, and its loss was bigger than expected.
Gross margin went down from 25.3% in the same quarter last year to 25.2%.