Spotify paid music subscribers rises to 130 million, quarterly revenue jumps 22%

Spotify Technology reported a 22% jump in first-quarter revenue on Wednesday as the music streaming company beat analysts’ expectations to reach 130 million paid subscribers for its premium service.

Revenue rose to 1.85 billion euros ($2.01 billion) for the three-months ended March 31 from 1.51 billion euros a year earlier. Analysts were expecting revenue of 1.86 billion euros, according to IBES data from Refinitiv.

Premium subscribers rose 31% from a year earlier. Analysts on average were expecting Spotify to have 128.6 million paid subscribers.