Music streaming giant Spotify is bigger than before as the Swedish company added more monthly active users and premium subscribers last quarter, beating forecasts. Monthly active users at Spotify grew 11 per cent year-over-year to reach 640 million in the third quarter, while total paid subscribers increased a massive 12 per cent to 252 million.

Growth in the quarter has been across all regions and “outperformance” is led by Europe and Latin America, the company said. “We’ve never been in a stronger position, thanks to the outstanding execution by our team. I’m incredibly proud of the way we’ve delivered and the progress we’ve made,” Daniel Ek, Spotify co-founder and CEO said. “We’re where we set out to be — if not a little further — and on a steady path toward achieving our long-term goals.”

During the earnings call the company’s executives teased “exciting” upcoming announcements about a further “expansion into video”. Last month, the company introduced music videos in beta in 85 new markets (97 markets in total), giving Premium subscribers “the chance to dive into the visual worlds of top artistes”. Also, in July, the streaming giant launched comments for podcasts, allowing podcast creators a “better connect with and grow their audiences”.