Spotify enjoys a virus-crisis surge in streaming

Music streaming service Spotify has enjoyed a virus-crisis boost.

The number of paying subscribers surged to 130 million in the first quarter, helping to drive a double-digit rise in revenues.

The increase in subscribers helped offset a virus-related decline in advertising sales.

Overall, Spotify's strong first quarter meant it was able to solidify its lead in streaming over Apple and Amazon.

Though usage on mobile devices and in cars is down, it's up on video games consoles such as the Xbox and PlayStation.

In the first quarter, monthly active users rose by almost a third, in line with Spotify's forecasts.

And its overall revenue rose 22 per cent to 1.85 billion euros, just shy of analyst estimates.

In the second quarter, it expects up to 138 million premium subscribers.

Spotify shares were up over 13% by midafternoon following the news.