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Spotify Reaches 130M Paid Subs, Pandemic Hits Advertising, CEO Sees On-Demand Audio Gain
Music streaming giant Spotify said Wednesday that it swung to a first-quarter profit and grew its user base to 130 million premium, or paid, subscribers and 286 million total active monthly users as of the end of March. However, it reduced its full-year revenue guidance range, citing the advertising hit caused by the novel coronavirus pandemic and currency exchange rates.