Friday, November 8, 2024
Technology

Spotify crosses the 600M monthly active users mark

Streaming service Spotify announced today that the service now has more than 600 million monthly active users. The company said in its Q4 2023 earnings report that it added 28 million users in the quarter, which marks the second biggest quarterly gain in the company’s history.

The Sweden-based company noted that apart from having 602 million users now, the service has over 236 million paid users — a year-on-year growth of 15%. Last year, Spotify raised the prices of its premium subscription tier in the U.S. for the first time from $9.99 per month to $10.99 per month.

The company said that the subscriber growth was led by the Rest of the World and Latin America, which represents 35% of total paid users.

Additionally, Spotify said that its year-end Spotify Wrapped campaign, which gives insights to users about what they consumed on the platform, drew more than 225 million users.

In November, the company announced that premium users in the U.S. will have 15 hours of listening time per month across 200,000 titles. It also partnered with TikTok to let users save a song in a clip directly to the Spotify app.

The company earned €3.7 billion ($3.97 billion) in revenues with a year-on-year growth of 16%. It registered an operating loss of €75 million, which is better than the loss of €231 million last year for the same period. However, Spotify made €32 million in profits in Q3 2023. The company’s ad revenues have jumped to an all-time high of €501 million with 12% year-on-year growth.

In December, the company cut 17% of its workforce, or about 1,500 people, to become more “productive and efficient.”

Last month, Spotify teased mockups of how EU-based users could be able to purchase subscriptions and add-ons like audiobooks on iPhones once the Digital Markets Act (DMA) goes into effect. Days later, Apple released its guidelines about App Store changes to comply with the new rules, including a new “core-tech fee” for over a million annual downloads. In response, Spotify called Apple’s changes “extortion” and a “complete and total farce.”

source

Leave a Reply

Your email address will not be published. Required fields are marked *