Sunday, February 28, 2021
Protect Your Immune System Today!
Home Entertainment Spotify Sees Rise in Monthly Active Users During Pandemic-Ridden Quarter

Spotify Sees Rise in Monthly Active Users During Pandemic-Ridden Quarter

Spotify forecast on Wednesday that revenue and paid subscribers would be below Wall Street estimates this quarter due to uncertainty over how long the coronavirus crisis would last and with it a surge in demand for its music streaming.

Spotify has seen a sharp rise in paid subscribers during the coronavirus crisis as people have been locked down at home and in the fourth quarter beat revenue estimates as it hit 155 million paid subscribers for its premium service.

While advertising was hit by the pandemic, it had little impact on subscriber growth, and may actually have contributed to pulling forward new signups, Spotify said in a statement, adding that total monthly active users rose 27 percent to 345 million.

Premium subscribers, who account for most of Spotify’s revenue, were up 24 percent from a year earlier. Analysts on average were expecting the music streaming company to have 153.26 million paid subscribers, IBES data from Refinitiv showed.

However, Spotify said it expects total revenue in the range of EUR 1.99 billion (roughly Rs. 17,440 crores) to EUR 2.19 billion (roughly Rs. 19,200 crores) for the first quarter, short of expectations of EUR 2.23 billion (roughly Rs. 19,540 crores) .

The company expects total premium subscribers in the range of 155 million to 158 million for the first quarter, whereas analysts were expecting it to hit 163.5 million.

Fourth-quarter revenue rose 17 percent to EUR 2.17 billion (roughly Rs. 19,010 crores) for the three-months ended December 31, beating estimates of EUR 2.15 billion (roughly Rs. 18,840 crores).

© Thomson Reuters 2021

Is LG Wing’s unique design alone enough to help it succeed in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Source link


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

3 officers wounded by shotgun that fired as they entered an empty home, officials say

In a news release obtained by CNN affiliate KWCH, Wichita Police said the officers responded to a call from a homeowner that reported...

Democratic lawmakers wrestle with how to proceed on immigration

Democrats involved in the efforts are in talks with leadership about how to proceed with the immigration agenda in the House but decisions...

Virginia’s off-year elections could pose key test for both parties

Democrats in the state now control all levers of power -- the Governor's mansion, and both chambers of the state legislature -- for...

New Yorkers rally against wave of anti-Asian hate

"When I was attacked on the subway, there were so many New Yorkers around me, but nobody came to my help, nobody made...

Recent Comments