July 29, 2020 / 10:03 AM / 6 days ago

Spotify's paid subscribers hit 138 mln as music streaming demand rebounds

STOCKHOLM/NEW YORK, July 29 (Reuters) - Spotify Technology SA said on Wednesday music streaming demand had rebounded from the coronavirus-related weakness it saw at the start of the quarter and its paid subscribers reached 138 million, ahead of Wall Street estimates.

Premium subscribers, which accounts for most of the company's revenue, were up 27% from a year earlier. Analysts on average were expecting the company to have 136.4 million paid subscribers, according to IBES data from Refinitiv.

Revenue rose 13% to 1.89 billion euros ($2.22 billion) for the three-months ended June 30, from 1.67 billion euros a year earlier. ($1 = 0.8511 euros) (Reporting by Supantha Mukherjee in Stockholm and Ken Li in New York, Editing by Johan Ahlander)

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