Spotify Records 20% Increase in Paid Subscribers in the Second Quarter

Audio streaming and media service provider Spotify Technology S.A. (SPOT) has published its quarterly reports for the second quarter ended June 30 in which it recorded a 20% in its paid subscription services.

Citing the July 28 released results, the company beat Wall Street’s estimate for the second quarter of the year.

Spotify reported revenue increase to 2.33 billion euros ($2.75 billion) in the quarter which is on a higher side compared to the 2.29 billion euros which Wall Street was expecting from the company.

This revenue was also higher compared to the 2.15 billion euros the company reported on the second quarter of the previous year.

The company says its premium subscribers which account for most of its revenue reached 165 million in the second quarter. This was at par with what analysts had estimated for the company.

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