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Spotify defies market subscriber slump as users climb for streaming giant

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City AM

By Leah Montebello Spotify appears to have defied the subscriber downturn seen by many tech firms, posting a 14 per cent jump in paying subscribers in its second-quarter results. The streaming giant posted a 23 per cent boost in revenue to €2.9bn, defying analyst expectations. Premium subscribers, which is still the majority of its revenue, rose to 188 million, one million ahead of Wall Street guidance. Spotify CEO Daniel Ek said the firm are not seeing any change in users or subscriber outlook despite economic downturns. Like other US giants, Spotify said it would proactively slowing its hiri…

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