Streaming service Spotify introduced at the moment that the service now has greater than 600 million month-to-month energetic customers. The corporate stated in its This autumn 2023 earnings report that it added 28 million customers within the quarter, which marks the second largest quarterly acquire within the firm’s historical past.
The Sweden-based firm famous that aside from having 602 million customers now, the service has over 236 million paid customers — a year-on-year progress of 15%. Final yr, Spotify raised the costs of its premium subscription tier within the U.S. for the primary time from $9.99 per thirty days to $10.99 per thirty days.
The corporate stated that the subscriber progress was led by the Remainder of the World and Latin America, which represents 35% of complete paid customers.
Moreover, Spotify stated that its year-end Spotify Wrapped marketing campaign, which provides insights to customers about what they consumed on the platform, drew greater than 225 million customers.
In November, the corporate introduced that premium customers within the U.S. could have 15 hours of listening time per thirty days throughout 200,000 titles. It additionally partnered with TikTok to let customers save a track in a clip on to the Spotify app.
The corporate earned €3.7 billion ($3.97 billion) in revenues with a year-on-year progress of 16%. It registered an working lack of €75 million, which is best than the lack of €231 million final yr for a similar interval. Nevertheless, Spotify made €32 million in earnings in Q3 2023. The corporate’s advert revenues have jumped to an all-time excessive of €501 million with 12% year-on-year progress.
In December, the corporate minimize 17% of its workforce, or about 1,500 folks to develop into extra “productive and environment friendly.”
Final month, Spotify teased mockups of how EU-based customers might be capable of buy subscriptions and add-ons like audiobooks on iPhones as soon as the Digital Markets Act (DMA) goes into impact. Days later, Apple launched its pointers about App Retailer modifications to adjust to the brand new guidelines, together with a brand new “core-tech charge” for over one million annual downloads. In response, Spotify referred to as Apple’s modifications “extortion” and a “full and complete farce.”
