Spotify reports +27% in paid subscribers

Spotify has reported a 27% increase in premium subscribers.

In the third quarter, the music streaming service saw premium members reach 144 million, ahead of analyst expectations of 142.5m.

Spotify has been rapidly expanding across India, Europe, and the Middle East. The group recently launched in Russia, which has given the service a boost to subscribers.

“Russia has been our most successful new market launch to date and represented the largest portion of subscriber outperformance for the quarter,” said Spotify.

Total revenues rose by 14% to €1.98bn (£1.79bn) in the period, which was just under analyst expectations of €2bn.

The music streaming service has predicted revenue of  €2.00-€2.20bn for the fourth quarter.

The group has also seen a return of advertising to the platforms following the pandemic.