Major Apple rival crosses 100 million mark

Music streaming service Spotify released its second-quarter 2019 earnings, highlighting strong growth in premium subscribers which grew 31 per cent to reach 108 million.

Although the number is midway Spotify's estimation, it surpasses that of Apple Music which had 60 million subscribers as of June. In the official release, Spotify said its monthly active users increased 29 per cent year-on-year at 232 million users.

Spotify's total revenue grew 31 per cent year-on-year at 1,667 million euros in Q2. The company has projected a strong outlook for the next quarter with monthly active users estimated between 250-265 million with premium subscribers crossing 120 million marks. The total revenue is estimated to reach 1.94 billion euros.