We are the largest global music streaming subscription service. With a presence in 61 countries and territories and growing, our platform includes 159 million MAUs and 71 million Premium Subscribers as of December 31, 2017, which we believe is nearly double the scale of our closest competitor, Apple Music.
With more than 200 million users around the globe, Spotify is already one of the world’s most-used apps, but we see an opportunity apart from where we sit today. An opportunity that will allow us to reach beyond music to engage users in entirely new ways. We have never declared or paid any cash dividends on our share capital, and we do not expect to pay dividends or other distributions on our ordinary shares in the foreseeable future. There are no legislative or other legal provisions currently in force in Luxembourg or arising under our articles of association that restrict the payment of dividends or distributions to holders of our ordinary shares not resident in Luxembourg, except for regulations restricting the remittance of dividends, distributions, and other payments in compliance with United Nations and EU sanctions. We currently intend to retain any future earnings for working capital and general corporate purposes.
COST OF REVENUE
(in € millions, except percentages)
COST OF REVENUE
(in € millions, except percentages)
The general strengthening of the Euro relative to certain foreign currencies, primarily the United States Dollar, for the three months ended March 31, 2018 compared to the same period in 2017 had a favorable impact on our cost of revenue. We estimate that total cost of revenue for the three months ended March 31, 2018 would have been approximately €78 million higher if foreign exchange rates had remained consistent with foreign exchange rates for the three months ended March 31, 2017.