Spotify surpasses 600 million monthly active users.

Today, Spotify announced a milestone achievement, boasting over 600 million monthly active users in its latest earnings report for Q4 2023. The streaming giant experienced a substantial quarterly gain of 28 million users, marking the second-largest increase in its history.

Of the 602 million users, Spotify reports that over 236 million are paid subscribers, representing a notable 15% year-on-year growth. This surge in subscribers was particularly notable in the rest of the world and Latin America, accounting for 35% of total paid users. Additionally, the year-end Spotify Wrapped campaign attracted over 225 million users, providing insights into their platform consumption.

In recent developments, Spotify introduced several enhancements, including extended listening time for premium users in the U.S. and a partnership with TikTok to seamlessly save songs. Despite recording €3.7 billion ($3.97 billion) in revenue with a 16% year-on-year growth, the company reported an operating loss of €75 million, a significant improvement from the previous year’s loss of €231 million. However, Spotify’s ad revenues reached an all-time high of €501 million, reflecting a 12% year-on-year increase.

In efforts to streamline operations, Spotify implemented workforce reductions of 17% (approximately 1,500 employees) in December. Looking ahead, the company hinted at potential subscription and add-on purchases for EU-based users on iPhones, pending the implementation of the Digital Markets Act (DMA). However, Spotify criticized Apple’s App Store changes as “extortion” and a “complete and total farce,” following Apple’s release of guidelines to comply with the new regulations.

WexPhones
Logo