Spotify’s monthly active users top 500 million, beat estimate

Spotify Technology SA (SPOT.N) has crossed the half billion mark for monthly active users for the first time, helped by the music streaming company’s expansion into more markets, it said on Tuesday, sending its shares up 5%.

The number of monthly active users rose to 515 million in the first quarter, beating Spotify’s guidance and analysts’ forecast of 500 million, according to IBES data from Refinitiv.

Premium subscribers, who account for most of its revenue, rose 15% to 210 million, topping estimates of 206 million.

Its premium subscriber forecast of 217 million for the current quarter also beat expectations of 212 million. The company forecast monthly active users of 530 million.

Spotify last year laid out plans to get one billion users by 2030 and reach $100 billion in annual revenue. It also promised high-margin returns from its costly expansion into podcasts and audiobooks.

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