Spotify has reported a 19% jump in paid subscribers during its third financial quarter.

The music streaming company said that the growth – driven by demand in Europe and North America – saw it reach 172 million premium subscribers.

Total monthly active users also increased by 19%, to a total of 381 million.

Chief executive Daniel Ek said: “While we have been relentless in our pursuit of being the world’s largest audio platform, it’s still early days and we are just getting started.”

About 40% of Spotify premium subscribers are in Europe and 29% in the US.

The company makes most of its money from subscriptions and showing adverts to non-paying members.

Revenue from adverts had fallen during the worst of the coronavirus pandemic but it jumped during this year’s third quarter by 75% to €323m (£272m).

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Spotify said it plans to hire hundreds of workers to increase advertising sales.

Overall revenue was up by 27% to €2.5bn (£2.1bn) – higher than the €2.45bn (£2.07bn) forecast by analysts.

The company also reported a net profit of €2m (£1.7m), compared with a loss of €101m (£85m) at the same time last year.

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