On Wednesday, Spotify Technology (SPOT.N) announced quarterly revenue that above analysts’ expectations on to greater advertising revenue and more individuals signing up for its premium service, driving the audio streaming platform’s shares up roughly 5% in pre-market trade.

The corporation has put a lot of money into podcasts, spending over a billion dollars on shows like “The Joe Rogan Experience” and other enterprises in order to attract listeners to a burgeoning non-music audio sector.

During the investor call, CEO Daniel Ek stated, “Overall podcast consumption is solid and growing sticky.”

In the first quarter, total monthly active users increased 19 percent to 422 million, a new high.

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