Today, Spotify reported having over 600 million monthly active users. The company’s Q4 2023 financial release showed 28 million new subscribers, its second-largest quarterly rise ever.
Along with 602 million users, the Sweden-based corporation boasts over 236 million paying users, a 15% year-over-year increase. Spotify originally upped its U.S. premium subscription tier from $9.99 to $10.99 last year.
Rest of the World and Latin America, which account for 35% of premium users, led subscriber growth, the company said.
Spotify also said that its year-end Spotify Wrapped campaign, which provides consumers with insights into their platform usage, attracted over 225 million users.
The business said in November that U.S. subscription subscribers will get 15 hours of listening time per month across 200,000 titles. It also allowed TikTok users to store songs in clips on Spotify.
Its revenues rose 16% to €3.7 billion ($3.97 billion). Its €75 million operating deficit was better than €231 million last year. However, Spotify earned €32 million in Q3 2023. Ad revenues reached a record €501 million with 12% year-on-year growth.
In December, the corporation slashed 17% of its employment, or 1,500 individuals, to be more “productive and efficient.”
Spotify teased iPhone mockups of EU consumers buying subscriptions and add-ons like audiobooks once the Digital Markets Act (DMA) took effect last month. Days later, Apple announced its App Store guidelines to comply with the new standards, including a “core-tech fee” for over a million yearly downloads. Spotify said Apple’s moves were “extortion” and a “complete and total farce.”
