Spotify’s Premium Subscriber Count Hits 182 Million in Q1 2022, Beats Quotes
Spotify Innovation reported quarterly profits on Wednesday that beat analysts’ estimates on higher advertising income and as more individuals registered for its premium service, sending the audio streaming platform’s shares up about 5 percent in trading prior to the bell.The business has actually wagered huge on podcasts, investing over a billion dollars in getting programs such as the “The Joe Rogan Experience “and other companies in a quote to draw users to a growing non-music audio segment.Total month-to-month active users rose 19 percent to a record 422 million in the first quarter.The Swedish business posted a 24 percent
boost in revenue to EUR 2.66 billion(approximately Rs. 21,598 crore)in the quarter. Analysts usually had anticipated earnings of EUR 2.62 billion(roughly Rs. 21,271 crore), according to IBES data from Refinitiv.Spotify said the share of podcasts in material intake on its platform grew by double digits and
reached an all-time high in the reported quarter.The business now expects total monthly active users of 428 million in the 2nd quarter following the closure of its Russian
operations and the reversal of a loss of users after a service failure in March.Spotify forecast second-quarter profits of EUR 2.8 billion(roughly Rs. 22,724 crore), compared with estimates of EUR 2.81 billion(roughly Rs.
22,805 crore). Premium customers, who account for the majority of the company’s earnings, increased to 182 million from 158 million, while advertisement-supported income rose 31 percent to EUR 282 million(approximately Rs. 2,288 crore). © Thomson Reuters 2022 Released at Wed, 27 Apr 2022 11:32:35 +0000