A big hit count by Spotify’s premium subscriber reaches to 182 million in Q1 2022, beats estimates.

Spotify Technology reported quarterly revenue on Wednesday that beat analysts’ estimates on higher advertising income and as more people subscribed to its premium service, sending the audio streaming platform’s shares up about 5 percent in trading before the bell.

The company has bet big on podcasts, investing over a billion dollars in acquiring shows such as the “The Joe Rogan Experience” and other businesses in a bid to draw users to a growing non-music audio segment.

Total monthly active users rose 19 percent to a record 422 million in the first quarter.

The Swedish company posted a 24 percent increase in revenue to EUR 2.66 billion (roughly Rs. 21,598 crore) in the quarter. Analysts on average had expected revenue of EUR 2.62 billion (roughly Rs. 21,271 crore), according to IBES data from Refinitiv.

Spotify made it place in the top music platform companies and is achieving every big milestone.