Spotify has reported a rise in Q1 revenue of €4.53 billion, up 8%, driven by 10% growth in Premium revenue and offsetting a 5% decline in ad-supported revenue of 5%. Despite recent price increases in the U.S. Spotify's total monthly active users (including both free and paid) increased by 12% year over year to 761 million, slightly ahead of its previous guidance of 759 million. The company's Q1 gross margin of 33.0% was its second-highest to date, up from 31.6% a year prior. Despite this, Spotify raised subscription prices in the US, marking its third price hike in four years. The firm expects more robust user growth for Q2, with total MAUs increasing to 778 million and Premium subscribers of 299 million.