Spotify, the popular streaming service, has announced a significant milestone, surpassing 600 million monthly active users. According to its Q4 2023 earnings report, the company experienced a noteworthy increase of 28 million users during the quarter, marking the second largest quarterly gain in its history.
Spotify reported a successful outcome from its year-end Spotify Wrapped campaign, engaging over 225 million users by providing insights into their platform consumption.
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Spotify revealed that out of its current 602 million users, over 236 million are paid subscribers, indicating a year-on-year growth of 15%. Notably, Spotify raised the prices of its premium subscription tier in the U.S. last year, shifting from $9.99 to $10.99 per month.
The company highlighted that subscriber growth was particularly strong in the Rest of the World and Latin America regions, accounting for 35% of total paid users.
Financially, Spotify generated €3.7 billion ($3.97 billion) in revenues, with a robust year-on-year growth of 16%. Despite an operating loss of €75 million, it marked an improvement compared to the €231 million loss from the previous year. Notably, Spotify achieved a profit of €32 million in Q3 2023. Moreover, the company’s advertising revenues reached a record high of €501 million, with a 12% year-on-year growth.
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