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Spotify later: oh, huh, turns out ad revenues are tight and we just spent millions and millions for Joe fucking Rogan. Bearing in mind the figures, Spotify is banking on boasting 428 million MAUs and 187 million paid users at the end of the current quarter, and the somewhat modest totals may be contributing to the current stock-price woes. Spotify: we're going to spend MILLIONS getting podcasts people already have access to, though we know ad revenues can be kind of tight. Spotify also saw its paid users increase by 15 percent year over year and one percent quarter over quarter, to 182 million – or just beneath the forecasted total. These three million MAUs then signed off before Q1’s conclusion. Spotify’s multimillion-dollar bet on podcasting may not be working out, Citi analysts wrote in a note to clients Friday. The firm bumped the audio streaming service to sell from neutral on concerns about its pivot to podcasts, according to CNBC Pro. 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