Forward-looking: The competition has its work cut out for it. Looking ahead to Q2, Spotify expects total MAUs of between 222 million and 228 million with its total premium subscriber count reaching between 107 million and 110 million. Total revenue is expected to be within 1.51 billion euros to 1.71 billion euros.

Spotify solidified its position as the world's largest streaming music platform on Monday, announcing impressive fiscal first quarter 2019 results across the board.

In the three-month period ending March 31, 2019, Spotify's monthly active user (MAU) count grew 26 percent year-over-year to 217 million. The company said launching in India in late February was instrumental as more than a million users signed up in the first week alone.

Premium (paid) subscribers, meanwhile, hit the 100 million mark for the first time, representing a 32 percent increase compared to the same period a year earlier. Spotify cited strong Family Plan growth and favorable reception to promotions involving Google Home Mini and Hulu as milestone drivers.

The Swedish streaming provider said churn was flat compared to Q4 and also roughly the same as in Q1 of 2018.

Spotify generated revenue of 1.51 billion euros ($1.69 billion) in the quarter, topping analysts' estimates of 1.47 billion euros. The majority of Spotify's earnings - 1.38 billion euros - came from paying subscribers. The company's ad-supported tier only generated 126 million euros. Gross margin checked in at 24.7 percent, above Spotify's guidance range of 22.5 percent to 24.5 percent.

Lead image courtesy Christopher Penler via Shutterstock