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Spotify reported that its revenue increased by 11% in the second quarter of this year.

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Total company revenue increased 11% from the prior-year quarter to 3.2 billion euros ($3.53 billion).

Spotify’s monthly active users rose 27% to 551 million, well above the company’s target of 530 million.

Premium (pay monthly) subscribers increased 17% to 220 million, beating the company’s expectations of 217 million paid subscribers for the quarter.

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