Spotify has released its quarterly report, and the numbers are very promising. In the last three months, the streaming platform saw an increase of 28 million in its MAU (monthly active users), exceeding its expectations and reaching 600 million, a new record for the Swedish company.
The revenue for the full year of 2023 was €3.7 billion (approximately $4 billion), which is a 16% increase from 2022. While the operating income did show a loss of €75 million, the company proudly shared that its ad revenues reached an all-time high of €501 million.
The 602 million active users consist of 236 million Premium subscribers, with the rest being part of the free service that includes ads and lacks features such as no shuffle and music downloads for offline listening. The paying users increased by 15% from 205 million in Q4 2022.
The financial report revealed that Spotify had consistent yearly growth in all regions, particularly excelling in Latin America.
According to internal data, 225 million users participated in Spotify Wrapped, a campaign at the end of the year that provides a personalized summary of each user’s listening habits. Additionally, all paying customers in the United States now have access to over 200,000 audiobooks with up to 15 hours of access per month.
Expectations for Q1 2024 are for the user base to reach 618 million, with a predicted increase of 3 million paying customers.
