Spotify has released its quarterly report and the numbers look promising. In the last three months the streaming platform has increased its MAU (monthly active users) by 28 million, exceeding expectations and reaching 600 million, a new high for the Swedish company.
Revenue for the full year 2023 was 3.7 billion euros (about $4 billion), or 16% more than in 2022. Operating profit slipped into the red with a loss of 75 million euros , but the company boasted that it had reached a record high. historical record of 501 million euros.
The 602 million active users include 236 million Premium subscribers. The rest are part of the free service that includes ads and lacks features like shuffle playback and downloading music for offline listening. Paid users increased from 205 million in the fourth quarter of 2022, or 15%.
The financial report revealed that Spotify experienced sustained annual growth across all regions, with Latin America excelling.
According to internal data, 225 million users tuned into Spotify Wrapped, an end-of-year campaign that provides a personalized summary of each user’s listening habits. All paying customers in the US can now choose from over 200,000 audiobooks with up to 15 hours of access per month.
Expectations for the first quarter of 2024 are for the user base to reach 618 million, while paying customers are expected to increase by 3 million.
Start a new Thread