Spotify becomes first music service to hit more than 100 million paid subscribers

Spotify on Monday announced that it has surpassed 100 million paid subscribers, becoming the first music streaming company to reach that mark.

Spotify said it has 217 million monthly active users and 100 million who are premium subscribers. The 100 million subscribers topped estimates from analysts, according to Bloomberg News.

{mosads}The company’s number of premium subscribers is up from 75 million last year, according to Spotify. Spotify’s revenue also grew 33 percent, the company said.

The most paid subscribers to Spotify come from Europe, which accounts for 40 percent of premium users. Another 30 percent of premium users are from North America.

The company said it expects its premium users to grow to between 117 million and 127 million in 2019. 

Spotify’s shares jumped 5 percent Monday following the announcement, according to Reuters.