Spotify has nearly twice Apple Music's number of paying subscribers

Here Are the 2018 Recipients of the Ontario Music Fund Grants

Music streaming company Spotify has made put out an array of new metrics with its first earnings report as a publicly-trading entity and it has shareholders reacting negatively and strongly so.

Quarterly revenue rose 26 percent to Euro 1.139 billion.

As for Q2 guidance, Spotify expects 175 to 180 million MAU, 79 to 83 million paid subscribers, and $1.3 to $1.55 billion in revenue, excluding the impoact of foreign exchange rates.

Spotify shares were down almost eight per cent two hours after its earnings announcement, up from initial lows.

Morningstar analyst Ali Mogharabi said Spotify appears to be discounting many full-price music subscriptions and extending the length of free-trial plans to convert free, advertising supported users into paying subscribers.

Spotify may be offering a lesson about the downsides of its unconventional approach to its IPO earlier this year.

The company told investors last week that it had sold "approximately half of the shares we owned from the listing date until now". For reference, Apple Music has roughly 40 million subscribers. Interestingly, it appears that the cumulative number of paid subscribers on Spotify is growing faster than the cumulative number of active users.

According to the earnings report, Spotify's total revenue rose to €1.14 billion - in line with analyst expectations - marking a 26 percent gain YOY but a 1 percent decrease from last quarter.

By the end of 2018, the company is aiming to have 92-96 million paying subscribers, along with 198-208 million monthly active users.

"Based in Dubai, you'll work cross-functionally with teams such as Artist & Label Services, Shows & Editorial, Licensing and technical teams within Spotify to ensure long-term success in this region and contribute to providing the best user experience possible", reads the job description.

This included 75 million paying subscribers, up 45 percent year-on-year, from which the company generates the vast majority of its revenue.

Spotify said it also was seeing "increasing momentum" in Japan - the world's second largest music market where CDs still dominate.

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