Spotify Surpasses 500 Million Monthly Users for First Time Ever
CEO Daniel Ek reported “Spotify’s strongest Q1” since going public.
For the first time since launching in 2006, Spotify has logged more than 500 million active users each month, clocking 515 million users globally. The streaming service shared the news in its report for the first quarter of 2023.
CEO Daniel Ek jumped on Twitter to share that the period marked “Spotify’s strongest Q1 since going public in 2018.” Monthly active users jumped 22% from the same time last year and premium users grew 15% year-to-year, with 210 million users signed up for Spotify Premium.
As for revenue, the total grew 14% year-to-year, with Spotify earning about $33 billion USD, the bulk of which came from Premium subscriptions.
The company spent less this Q1, reporting an operating income of $171 million USD, attributing the decrease to spending less money on marketing. It also reported that profitability for music and podcast initiatives was up after investing in acquiring some big podcasts last year.
In other music news, Arca released a music video for the Kick LP bonus track “Ritual.”
