Spotify active users top 700 million, paying subscribers rise 12%

Stockholm: Music streaming giant Spotify said Tuesday that it had 713 million active users at the end of the third quarter, while paying subscribers r...

Stockholm: Music streaming giant Spotify said Tuesday that it had 713 million active users at the end of the third quarter, while paying subscribers rose 12 percent to reach 281 million.

Revenue rose by seven percent to 4.3 billion euros ($4.9 billion), beating the company's guidance of 4.2 billion euros.

The increase was driven by the growth of its paying subscribers and despite a decline in advertising, the Swedish company said.

"The business is healthy," Spotify's Founder and CEO Daniel Ek said in a statement.

"It all comes back to user fundamentals and that's where we are: 700 million users who keep coming back, engagement at all-time highs," he added.