Spotify reports record rise in premium subscription users
Spotify reported a better-than-expected rise in premium subscribers on Wednesday.
The music-streaming firm now has 124 million subscribers to its premium ad-free service - 2 million ahead of analyst estimates.
That put the market leader well ahead of its two closest rivals, boasting more than double the number of Apple Music, and even further ahead of Amazon's 55 million.
Paid subscribers account for nearly 90% of Spotify's revenue, and it enticed new users by offering a "3 months on us" promotion.
The Swedish firm, which recently banned political ads ahead of the United States presidential election,
saw revenue rise to $2.05 billion dollars in Q4, also ahead of analyst expectations.
It still reported a loss of about 230 million dollars though, which it blamed on Swedish social costs.
Looking ahead, it's also warning that first-quarter revenue could come in below estimates.
Spotify shares fell about 5% in early trade in New York.
