Stockholm, Feb. 3, (dpa/GNA) – Music-streaming service Spotify reported an increase insubscribers and revenue, and lowered its net loss during the fourth quarter amid the coronavirus pandemic.
Spotify Technology SA said on Wednesday it had 155 million premium subscribers at the end of December, up by a quarter year-on-year.
The total number of monthly users was 345 million, an increase of about a fourth compared to the same quarter in 2019.
The net loss of 125 million euros (150 million dollars) in the quarter compared to a net loss of 209 million euros in the same three-month period in 2019.
Quarterly revenue was 2.16 billion euros, up by almost a fourth compared to the October-to-December period in 2019 measured on a constant currency basis.
The pandemic likely generated new subscribers, while « from a revenue standpoint, advertising was negatively affected in the back half of Q1 and persisted throughout the rest of the year, » the company said.
Spotify has been listed on the New York Stock Exchange (NYSE) since April 2018. The company is registered in Luxembourg.