'Valuable tools' behind Spotify user surge

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“Customer growth came in towards the top of Spotify’s expectations, with particularly strong numbers from premium subscribers," writes Nicholas Hyett of Hargreaves Lansdown.

"But we think some of the most encouraging news is the positive reaction to recent product launches aimed at content producers.

"The group has been investing heavily in its podcasting platform, with tools that allow podcasters to view stats on listener demographics, locations and engagements attracting more than 20,000 users a month.

"More advanced tools are being rolled out across the music streaming business too. In an industry where competition for content is heating up, being able to offer detailed insights to content creators is a valuable tool."

Spotify hits 100m premium subscribers

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Music streaming service Spotify says the number of paid subscribers for its premium service has hit 100 million for the first time.

Announcing its results for the first three months of the year, Spotify said the overall number of monthly active users grew 26% from a year earlier to 217 million.

Total revenue for the quarter rose to €1,511m (£1,303m), which was up 33% from a year earlier, but only 1% higher than the final quarter of 2018.