Spotify reported revenues of $1.37 billion for the most recent quarter and narrowed its losses. As well, the company predicts €1.1-€1.3 billion in total revenue, gross margin of 24-26 percent and an operating loss of €60-€140 million.
Spotify was up 2.66% and climbing ahead of its first earnings report as a public company, due out after Wednesday's closing bell.
As well, the company reported net losses of €169 million in its first quarter - a 2.3 percent improvement from the €173 million net loss reported the year prior.
Concerning Q2 outlook, the streaming giant projects paid subscribers between 79 million - 83 million.
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Sony Music, like WMG and UMG, received stock in lieu of some early royalty payments and advances from Spotify. Average revenue per user was Euro 4.72 in Q1, down 14 percent from a year earlier, or 6 percent less excluding currency effects.
The gross margin improved to 24.9 percent from 24.5 percent in Q4 and 11.7 percent in Q1 2017.
The new milestone came as part of the firm's quarterly earnings announcement, and the subscriber base was in line with expectations.
As to Spotify's chief competition, Apple Music now boasts more than 40 million paying subscribers.
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Some numbers released by Spotify were not surprising, given that the financial forecast for the company in March, when it said it expected to hit up to 96 million subscribers in 2018.
This included 75 million paying subscribers, up 45 percent year-on-year, from which the company generates the vast majority of its revenue.
"Sony Music and The Orchard are committed to sharing with their artists and distributed labels any net gain they may realize from a sale of Sony Music's equity stake in Spotify", the company said in a statement in March.
The rising popularity of Spotify's subscription services have led stock market investors to once again prize the music industry after shunning it for more than a decade amid a wave of piracy by users and in the face of major technology shifts.
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Latin America and China saw the biggest market growth, with a rise in overall music revenue of 17.7 percent and 35.3 percent respectively.