STOCKHOLM : Spotify Technology SA beat Wall Street estimates for third-quarter revenue on Wednesday, as the music streaming company reported a 19per cent jump in paid subscribers for its premium service driven by demand in Europe and North America.
Total revenue rose 27per cent to 2.50 billion euros, beating the 2.45 billion expected by analysts, according to IBES data from Refinitiv. The company has also been investing heavily in its podcast business to rival that of Apple and in April launched a paid subscription platform for podcasters in the United States.
"While we have been relentless in our pursuit of being the world's largest audio platform, it's still early days and we are just getting started," Chief Executive Daniel Ek said in a statement.
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