Spotify has reported a positive third quarter, driven by its extensive library featuring 100 million soundtracks, 6 million podcasts, and over 300,000 audiobooks, leading to significant user growth.
With 640 million active users, up from 574 million year-over-year, Spotify's impressive quarter also saw revenues increase by 19%, reaching €3.99 billion, surpassing market expectations.
The rise in both paid and ad-supported subscribers reflects Spotify's competitive edge in the music and podcast industry, even as it faces strong competition from Apple and Amazon.
Following the announcements, Spotify’s stock surged 6%; since the start of the year, it has appreciated nearly 130%, showcasing investor confidence in its growth.
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