Spotify surpasses 500 million monthly active users

According to Neowin , Spotify said in its Q1 2023 earnings report that this was the strongest quarter of growth since the company officially entered the IPO in 2018. According to the company, this is an increase exceeding the expected 15 million.

Spotify's user base grew sharply in the last financial quarter

Speaking of premium users, Spotify now has 210 million paid subscribers, up 15% year-on-year. The increase in subscribers helped the company’s total revenue increase by 14% to €3 billion. The increased revenue also helped the company to offset some of the pain of cutting operating costs, including reducing marketing spending and laying off workers, which it announced earlier this year was a 6% reduction.

In Q1 2023, Spotify introduced several new features to its music streaming service such as AI DJ to create personalized playlists, a new mobile UI, NFT-enabled playlists, discovery mode, etc. The company also recently launched a new iPhone lock screen widget and Strava integration. However, there is no information yet on when the company will roll out its premium subscription plan to the market to provide a lossless HiFi audio experience.

It is known that when Spotify launched its service in 2008, the music industry's revenue had dropped from 23.9 billion USD in 1999 to 16.9 billion USD due to the increase in copyright infringement and digital distribution.

Spotify shares rose 5.19% after the company reported its first-quarter 2023 earnings, indicating that investors are responding positively to the growth in user numbers the company reported.

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