Spotify’s user growth beats estimates, expects 500 million listeners next quarter

Spotify Technology SA on Tuesday reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter.

The number of monthly active users rose to 489 million in the quarter, beating Spotify’s guidance and analysts’ forecasts of 477.9 million.

Premium subscribers, who account for most of the company’s revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv.

The growth was driven by marketing campaigns and as more listeners signed up in countries such as India and Indonesia.