Spotify reports 30% rise in quarterly revenue

(Reuters pic)

STOCKHOLM: Spotify Technology SA on Wednesday reported a 30% rise in fourth-quarter revenue, as the music streaming company signed up more paid subscribers.

Monthly subscribers, which account for nearly 90% of its revenue, rose to 96 million at the end of December, up from 87 million in the prior quarter.

Revenue rose to 1.5 billion euros (US$1.71 billion) from 1.15 billion euros a year earlier.

Separately, the company said it will acquire podcast companies Gimlet Media Inc and Anchor, but did not disclose the financial details.