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Spotify got 30% more MAUs in India than expected

Spotify got 30% more monthly active users in India than what it had forecast for the quarter ended September 30, 2019. Spotify had 2 million registered users in India as of March. Spotify's monthly active users (MAU) grew 30% to 248 million globally, significantly driven by developing regions, such as Latin America and Southeast Asia, which is Spotify's fastest growing region globally. MAU growth was also driven by "product innovation driving improvements in long-term retention", including rollout of Spotify Lite in emerging markets, improvements in quality of recommendations for new users, and the seven-day trial. Premium subscribers grew 31% to 113 million globally. Total revenue of €1,731 million, up 28% YoY Premium outperformed with 29% increase YoY to €1,561 million Ad-Supported was weaker than forecast, growing 20% YoY at €170 million Spotify expanded its free trial to 90 days, on par with Apple Music, in August. But the change did not have any material impact on subscriber growth this quarter. CEO Daniel Ek said the move is simply an improvement in the overall offering, and brings Spotify in line with the competition. Spotify CFO Barry McCarthy will step down on January 15, 2020 and is likely to join the company's board. Paul Vogel, who is currently Spotify’s VP and Head of Financial Planning & Analysis (FP&A), Treasury and Investor Relations will replace McCarthy. Podcasts The company saw a 39% growth over last quarter of podcast hours streamed "albeit off of a small base", which the company said is an early indication that podcasts will convince some users…

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