Spotify's subscribers, usage surge amid coronavirus outbreak

Spotify Technology SA's paid music subscribers surged to 130 million in the first quarter, driving shares in the Swedish music streaming firm higher as its business model proved more resilient than expected in the coronavirus lockdowns.

Overall, monthly active users, a key metric, rose 31% in the quarter, in line with Spotify’s forecast.

For the second quarter, Spotify expects premium subscribers in the range of 133 million to 138 million. Analysts were expecting 136.5 million, according to IBES data from Refinitiv. First-quarter premium subscribers rose 31% from a year earlier. Analysts were expecting 128.6 million.

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