Music streamer Spotify ended its first quarter with 130 million paid subscribers, but cut its revenue outlook as the coronavirus pandemic is causing 'a slowdown in advertising and significant changes in currency rates.'
"Our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact."
Spotify said the premium sub figures for the latest quarter exceeded its expectations, with the overall user result matching its estimates. The fourth quarter had been its highest net add quarter ever, allowing the company to finish 2019 with 124 million paid subs and 271 million total active monthly users.
Providing some additional color on trends in key markets, the firm said: "Beginning in late February, we saw some impact to our business. While monthly average users and subs remained in line with our forecast and held steady, in hard hit markets like Italy and Spain, we saw a notable decline in daily active users and consumption. But over the last few weeks, we’ve seen listening start to rebound, and in many markets, consumption has meaningfully recovered.
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