Spotify registered 100 million paid subscribers and first quarterly loss
Spotify, the world's leading music streaming giant has 100 million paying subscribers, but also reported a first-time quarterly loss in the operation.
"Premium subscribers grew to 100 million, up 32 percent year on year," Spotify said in a press release.
Spotify also reported free ad-supported users had grown to 217 million, up 26 percent compared to the same quarter the year before. The music streaming company called it an "important milestone" in the company's history.
The strong growth in paying subscribers was attributed to promotions in the United States and Canada, as well as continued growth in "family plans", where multiple users can share one account.
Revenue from premium accounts increased to 1.385 billion euros ($1.545 billion) for the quarter, up from 1.037 billion...