Spotify crosses the 600M month-to-month lively customers mark

Streaming service Spotify introduced as we speak that the service now has greater than 600 million month-to-month lively customers. The corporate mentioned in its This fall 2023 earnings report that it added 28 million customers within the quarter, which marks the second largest quarterly achieve within the firm’s historical past.

The Sweden-based firm famous that other than having 602 million customers now, the service has over 236 million paid customers — a year-on-year development of 15%. Final 12 months, Spotify raised the costs of its premium subscription tier within the U.S. for the primary time from $9.99 per 30 days to $10.99 per 30 days.

The corporate mentioned that the subscriber development was led by the Remainder of the World and Latin America, which represents 35% of complete paid customers.

Moreover, Spotify mentioned 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 users in the U.S. will have 15 hours of listening time per month throughout 200,000 titles. It additionally partnered with TikTok to let users save a song in a clip directly to the Spotify app.

The corporate earned €3.7 billion ($3.97 billion) in revenues with a year-on-year development of 16%. It registered an working lack of €75 million, which is best than the lack of €231 million final 12 months 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 development.

In December, the corporate reduce 17% of its workforce, or about 1,500 people to turn out to be extra “productive and efficient.”

Final month, Spotify teased mockups of how EU-based users could be able to purchase 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 adjustments to adjust to the brand new guidelines, together with a brand new “core-tech fee” for over 1,000,000 annual downloads. In response, Spotify referred to as Apple’s changes “extortion” and a “complete and total farce.”