Spotify adds more subscribers as music streaming gets back on track

Spotify added more subscribers than expected in the third quarter and forecast strong growth in the current quarter as the music streaming service expands into more markets.

The company, hit at the outset of the COVID-19 pandemic by a drop in commuting when many users tune into its services, said on Thursday all regions had now fully recovered.

However its shares, which have more than doubled over the past year, slipped in pre-market trade as the company trimmed to top end of its fourth-quarter revenue forecast range.

With more than double the number of subscribers of nearest rival Apple Music, Spotify Technology SA has been expanding rapidly in markets across Europe and most recently in Russia, after launching in India and the Middle East last year.

“We’re definitely looking a lot more at accelerating launching in many more markets faster based on all the success we’ve had with both Russia and in India,” CEO Daniel Ek told Reuters.

Spotify said global listening hours had surpassed pre-pandemic levels as users tune into more music and podcasts. Reuters