Spotify saw lower-than-expected growth in paying subscribers (Premium subscribers) in the first quarter due to the suspension of operations in Russia. From January to March, the number of users of the Swedish group’s Premium service stood at 182 million people, an increase of 15% over the previous year but a figure lower than the group’s estimates (183 million).
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Analysts expected 187 million paid subscriptions. “Although the number was slightly below our estimates, eliminating the involuntary loss of approximately 1.5 million subscribers related to our exit from Russia, the growth was above our expectations and was driven by very good performance in Latin America and Europe, “Spotify said in a statement. Like many other Western companies, Spotify has suspended operations in Russia in response to Moscow’s invasion of Ukraine. The retreat was finalized on 11 April.
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