Popular music streaming platform Spotify crosses the 600M monthly active users mark.
Spotify revealed today that it had over 600 million active monthly users. The company reported adding 28 million members in the quarter, which is the second-largest quarterly rise in the company’s history, in its Q4 2023 earnings release.
In addition to its current user count of 602 million, the Sweden-based company reported that its paid user base now numbers over 236 million, representing a 15% annual growth. Spotify increased the cost of its premium subscription tier from $9.99 to $10.99 per month in the United States last year.
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According to the corporation, Latin America and the Rest of the World, which account for 35% of all paying users, are driving the subscriber increase.
Furthermore, Spotify reported that over 225 million people participated in its year-end Spotify Wrapped campaign, which provides consumers with information about what they consumed on the platform.
The company declared in November that premium subscribers in the US will get access to 200,000 titles for 15 hours of listening time every month. Additionally, it collaborated with TikTok to enable users to save a song in a video straight to the Spotify app.
The company’s revenues increased by 16% year over year to €3.7 billion ($3.97 billion). Compared to the same period last year, when it lost €231 million, this year’s operating loss of €75 million is better. In Q32023, Spotify did, however, earn a profit of €32 million. With a 12% yearly growth, the company’s ad revenues have surged to an all-time high of €501 million.
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Before the recent development that Spotify crosses the 600M monthly active users mark, to become more “productive and efficient,” the corporation laid off 1,500 workers, or 17% of its total workforce, in December.
Spotify released prototypes last month that showed how consumers in the EU could be allowed to buy subscriptions and add-ons, such as audiobooks, on iPhones after the Digital Markets Act (DMA) takes effect. A few days later, Apple published recommendations for App Store modifications to adhere to the new regulations, which included the introduction of a new “core-tech fee” for downloads exceeding one million in a year. Spotify retaliated by labeling Apple’s adjustments as a “complete and total farce” and “extortion.”
