Spotify revenue jumps 16% to $5.8B as subscribers hit 306M

Spotify reported third-quarter revenue of roughly $5.8 billion, up 16% from a year ago, as premium subscribers climbed to 306 million and monthly users reached 788 million. Operating income came in around $779 million, with margins beating expectations. A bigger, more profitable Spotify means a larger royalty pool, but also tougher competition among artists for the playlist and video placements that pull listeners in.