LONDON – Spotify's business "remains very healthy" despite the global uncertainty caused by the COVID-19 pandemic, the streaming giant reported in its first quarter financial results.In the three months ending March 31, Spotify grew its user base to 130 million paid subscribers and 286 total monthly active users.
Total revenue in the first quarter was €1.85 billion ($1.99 billion in current dollars), up 22% on the same period the previous year.Of that revenue tally, the vast majority came from subscriber income, which grew 23% to €1.7 billion ($1.8 billion), slightly outperforming the company’s expectations.Ad-supported revenues grew 17% year-on-year to €148 million, but fell short of Spotify’s forecasts as a result of disruption caused by.