Music streaming giant Spotify reported a 12% increase in paid subscribers in the first quarter to 268 million, as well as record operating profits.
"The fundamentals are very strong right now: engagement remains high, subscriber retention is strong, and thanks to our freemium model (free and paid users), people have the flexibility to stay with us even when things are more uncertain," said Spotify CEO Daniel Ek.
The Swedish group had 678 million active users at the end of March. This is 10% more than the previous year and in line with its forecasts, AFP reported.

The number of paid subscriptions, which make up the bulk of Spotify's revenue, rose to 268 million, slightly above forecasts of 265 million.
Operating profit rose 203% to €509 million, but was below forecasts of €548 million.
The figure "was below forecast as strong gross profit and lower staff and marketing costs were more than offset by €76 million in social costs," the group said.
Sales rose 15% to €4.19 billion.

According to Financial Times, Spotify plans to raise prices in dozens of countries in Europe and Latin America this summer.
Spotify posted its first annual profit in 2024 of €1.1 billion as it controlled costs and raised fees for paid subscribers in several markets, including the US.
The Swedish company has been among Wall Street's winners since the beginning of the year. Its share price has risen by 34%. | BGNES