Spotify has Gained 205 Million Paid Subscribers on its Platform: Here’s More About it
The Swedish audio streaming and media services provider, Spotify has now gained a total of 205 million paid subscribers on its platform exceeding their expectations of last year.
Read more about it below.
Q4 2022 Earnings of Spotify
Spotify has shared the amount of revenue the company was able to make in the fourth quarter of 2022 and as per the reports, the company was able to acquire 10 million more paid subscribers to its platform.
Currently the company has about 205 million paid users and in total the company now has 489 million monthly users on Spotify.
The company had also exceeded its expected number of paid users and total number of monthly users as well. Their aim was to reach a total of 202 million paid users and a total of 479 million monthly users and the results of Q4 2022 is very satisfactory for the company.
Spotify has also mentioned that they were able to reach this 14% increase in its year over year growth as a result of the promotions and household plans the company had last year.
The founder and CEO of Spotify, Daniel Ek had also shared on Twitter about the company’s growth in Q4 2022.
Q4 ‘22 $SPOT delivered great platform growth. We ended 2022 strongly despite a challenging year. Expect us to move faster with more intensity of effort, driving even greater efficiency in 2023. pic.twitter.com/rII7hHwRy1
— Daniel Ek (@eldsjal) January 31, 2023
However, the company has also reported that they have had an operating loss of €231 million and a projected loss of €300 million. Even with this loss, the company managed to gain a total revenue of €3.17 billion which is an 18% increase in its revenue than previous year.
Daniel Ek has also mentioned that the company’s loss was due to the increase in the number of employees and due to the increase in advertising costs the company had last year. The currency fluctuations was also identified as a reason.
Spotify is also one among the many companies who are laying off their employees and by now the company has cut down its work-force by 6%. The company is currently restructuring its operations and changes is going to be made from the top itself.
