Spotify have reached 100 million paying premium users it announced on Monday, sending shares in the Swedish company soaring during morning trading.
The music streaming service said that 4 million users subscribed during the first quarter of 2019.
Across the period, Spotify also successfully launched in India, taking its presence to a total of 79 countries.
Spotify also said that performance was also strong in its second biggest market, North America.
However, strong growth in the company’s home market of Europe was also resilient, ultimately accounting for 40% of its total subscribers.
The Swedish firm went public on the New York Stock Exchange in September 2018, it was valued at $29.5 billion upon its listing.
“Customer growth came in towards the top of Spotify’s expectations, with particularly strong numbers from premium subscribers,” Nicholas Hyett of Hargreaves Lansdown.
“But we think some of the most encouraging news is the positive reaction to recent product launches aimed at content producers.
“The group has been investing heavily in its podcasting platform, with tools that allow podcasters to view stats on listener demographics, locations and engagements attracting more than 20,000 users a month.
“More advanced tools are being rolled out across the music streaming business too. In an industry where competition for content is heating up, being able to offer detailed insights to content creators is a valuable tool.”
Shares in Spotify (NYSE:SPOT) rallied on the back of the latest trading update.
