Music streamer Spotify had 83m paid-up subscribers and 180m total active users at end-June, according to estimates from Evercore. The company posted 75m paying subs and 170m total users three in March.
And Evercore is pretty bullish on prospects.
"We continue to think Spotify fundamentals are analogous to those of Netflix, despite business model differences, as both are global, dominant subscription streaming platforms," it says.
Nomura Instinet reckons Spotify is in a strong leadership position in the streaming segment.
"We believe that Spotify is the best-positioned independent music streaming provider globally and that it stands to benefit from continued industry growth," it said in a new report. "Spotify has become the market leader in streaming music despite intense competition from the large tech platforms. We also believe the advertising business will be a greater contributor over time."
The company will report its second-quarter performance on 26 July.