Spotify shares soar after adding 1 million new users in India

Spotify Technology SA gained the most in seven weeks after reports that the music streaming service has already added more than one million users in India.

The shares rose 3.7 percent at 3:42 p.m. in New York, on pace for their biggest gain since Jan. 14.

Billboard reported Monday afternoon that the music streaming service signed up more than a million unique users for free and premium offerings less than a week after launching in India.

India has been regarded as the next go-to market for streaming services as local telecom providers have poured billions of dollars into bringing the country online.

Netflix Inc. has also identified the region as a key growth opportunity. More than 150 million people have broadband connectivity, mostly via mobile devices.

Gaining momentum

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Spotify shares soar after adding 1 million new users in India