Spotify revenue rises 16% to €4.97bn, just below forecasts
The Swedish streaming service grew its paying subscribers to 306 million in the third quarter, but both revenue and advertising income came in below market expectations.
The Swedish music streaming service Spotify said on Thursday that its advertising revenue fell short of expectations in the third quarter, coming in at €482m. Total quarterly revenue rose 16% to €4.97bn, slightly below what the market had expected.
The number of users and of paying subscribers both edged up in the quarter. Paying subscribers rose 2% to 306 million, the company said in a press release.
Spotify is working with actress and director Amy Poehler on a podcast, and has agreed a deal with Netflix to offer certain shows through the streaming service.
Earlier this year Spotify announced a verification system meant to tell music by real artists apart from AI-generated tracks. The system responds to growing concern about the amount of AI music flooding streaming services.