Spotify sees unexpected listener rise, adds $4 billion to value
Music streaming platform Spotify had a better-than-expected third quarter, bringing in more paying subscribers than anticipated.
As The Times reports, the company boasted 113 million premium-tier subscribers at the end of September, up by 26 million on the previous year.
Total monthly active users, including those on the free tier, reached 248 million.
Spotify said it is increasing its subscriber base at a rate twice as fast as its nearest competitor, Apple Music.
Spotify made a profit of €241 million in the third quarter, compared with €43 million in the previous year.
The results sent the company's shares up by 18.6 per cent, adding around $4 billion to its market capitalisation.
But at $25.7 billion the company's total value still remains nearly $4 billion below its IPO valuation.