Spotify is a digital music service that gives you access to millions of songs.

Spotify Technology on Tuesday reported second-quarter results that comfortably beat expectations for both monthly active users and subscribers, and forecast the number of listeners each month would reach 572 million next quarter.

After laying out plans last year to get 1 billion users by 2030 and to reach $100 billion (roughly Rs. 8,18,900 crore) in revenue annually, Spotify has been growing at a rapid clip, but its costly expansion into podcasts and audiobooks has hit margins.

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Spotify Active Monthly Users Grows to 551 Million, Premium Subscriptions Rise 17 Percent in Second Quarter
Spotify Technology on Tuesday reported second-quarter results that comfortably beat expectations for bot…https://t.co/YWZ1P8YgxN

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The number of monthly active users of spotify rose to 551 million in the quarter, beating Spotify’s guidance and analysts’ forecasts of 526.8 million.

The growth was driven by marketing campaigns and as more listeners signed up in countries across Europe, Latin America and Asia.

However, its quarterly revenue was EUR 3.18 billion euros (roughly Rs. 28,700 crore), below analyst estimates of EUR 3.21 billion (roughly Rs. 29,000 crore)