Spotify surpassed 500 million monthly active users for the first time in the first quarter of 2023. The company had 210 million paying Premium subscribers last quarter. Spotify lost 156 million euros last quarter.
Spotify says that the music streaming service recorded 515 million active users in the first quarter of this year. According to the company, that’s an increase of 22 percent from the same period last year and an increase of 5 percent from a quarter earlier. That increase is higher than the company expected. According to CEO Daniel Ek it’s the second largest user increase in the company’s history.
The streaming service also says that 210 million users currently have a Premium subscription. A year ago there were 182 million. The largest growth in the past quarter was recorded in Europe and Latin America. The company expects the number of subscribers to increase further to 217 million in the coming quarter.
Spotify is still losing money. The company recorded a turnover of 3 billion euros last quarter and a net loss of 156 million euros. The company initially expected to make a loss of $194 million this quarter. The streaming service has recently cut its marketing budget to reduce costs and fired six percent of its staff at the end of January.