In its latest quarterly report, Spotify showcases remarkable growth, surpassing 600 million monthly active users (MAU) for the first time in its history. Over the past three months, the popular streaming platform experienced a surge of 28 million new users, exceeding initial projections and marking a significant achievement for the Swedish-based company.
With a revenue of €3.7 billion (approximately $4 billion) for the entirety of 2023, Spotify witnessed a 16% increase compared to the previous year. Despite facing an operating loss of €75 million, the company celebrated a record-breaking ad revenue of €501 million.
Out of the 602 million active users, 236 million are premium subscribers, while the remaining users utilize the free service, supported by advertisements. Although the free service lacks certain features such as shuffle play and offline downloads, it remains popular among users. The number of paying subscribers saw a notable increase from 205 million in Q4 2022, indicating a 15% growth.
The financial report highlights Spotify’s consistent growth across all regions, with particular success noted in Latin America.
