Spotify gained more paid subscribers than expected for Q1 amidst the coronavirus pandemic
Now, Reuters reports that the popular music streaming service Spotify has announced a 31% spike in its paid music subscriber count, which is a better result than what the company had estimated. The subscribers of Spotify’s paid service are now up to 130 million and therefore, the first quarter of 2020 brought to Spotify a 22% increase in revenue, despite the decrease of advertising profits.
The company stated that they are fortunate to be able to provide music and information without major disruptions to their service and offer an escape from the concerning times. Looking forward, the company expects the paid subscriber count to increase to between 133 million to 138 million. Additionally, the company reportedly estimates a revenue in the range of $1.90 billion to around $2.1 billion for the second quarter of 2020.