Spotify has nearly twice Apple Music's number of paying subscribers

Spotify has nearly twice Apple Music's number of paying subscribers

Spotify has nearly twice Apple Music's number of paying subscribers

Various analyses, including from Barclays and Billboard, put the pool of Spotify stock earnings, after taxes, expenses and some shares Sony Corp bought outright, at between $418 million and $525 million.

Morgan Stanley, which led Spotify's direct offering last month on the New York Stock Exchange, says shares could reach $190 in the next year, as other revenue increases to offset royalty payments.

The company lost $166 million (£122 million/139 million euros) in the same quarter in 2017.

Spotify said that it still expected to lose 230 to 330 million euros for the year.

When Spotify filed to go public in February, it announced 159 million monthly active users - 71 million of which were paying subscribers and 88 million on the free tier.

Spotify CEO and co-founder Daniel Ek said that the company saw continuous growth in streaming and that he was not anxious by competition from Apple.

'We don't see any kind of meaningful impact of competition, ' Mr Ek told reporters and analysts on a telephone call.

"When we look at this, we don't really think that this is a winner-take-all market". Since launching in 2015, Apple Music has grown rapidly to 40 million paid users and 8 million trial users and is looking to overtake Spotify in the lucrative North American market.

"Based in Dubai, you'll work cross-functionally with teams such as Artist & Label Services, Shows & Editorial, Licensing and technical teams within Spotify to ensure long-term success in this region and contribute to providing the best user experience possible", reads the job description. That would seem to imply a slowing of growth.

Spotify has kept its full year 2018 outlook unchanged.

Spotify, which launched its streaming music service a decade ago, has enjoyed a surge in subscriber growth only in recent years. However, some key featuree remain exclusive to paying subscribers.

Advertising revenue from free subscriptions plans jumped 38% YoY to 102 million euros.

Spotify's largest market is in Europe, where 36 percent of its monthly active users reside, the company said Wednesday.

But the competition could make it more hard for Spotify to make money, which has proved to be a challenge since its music service launched a decade ago.

The streaming music service reported Wednesday that it hit 75 million paying subscribers and trimmed losses in the first three months of the year, but that wasn't enough to impress investors.

France's Vivendi, the owner of Universal Music Group, the world's biggest music label, said recently it is mulling a stock market listing of its wholly owned music unit.

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