Spotify Technology’s quarterly revenue above analysts’ forecasts on Wednesday, owing to more ad income and more people signing up for its premium subscription, sending the audio streaming platform’s stock up roughly 5% in pre-market action.
The company has invested heavily in podcasts, spending more than a billion dollars on shows like “The Joe Rogan Experience” and other ventures to draw listeners to a developing non-music audio market.
Total monthly active users climbed by 19 percent to 422 million in the first quarter, a record high.
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