Spotify hits 250 million paid subscribers

Spotify’s growth continues as it breaks new records, announcing a total of 252 million paying subscribers in Q3. This figure reflects a 6 million increase in premium users during July, August, and September. With ad-supported users included, the total user base reaches 640 million. Quarterly revenue from subscribers exceeded 3.5 billion euros, plus 472 million euros from ads, totaling nearly 4 billion euros – a 19% increase from last year. The revenue hike is partially attributed to a price increase for many customers in June, the second within a year. However, Danish customers still pay the same price: 109 kroner for individual premium, 149 kroner for Duo, and 179 kroner for a family subscription. Spotify remains the top music streaming service globally, competing with YouTube Music, Apple Music, and Tencent Music. In premarket trading, Spotify’s stock rose by 7.5%.