The service has 515 million active users since March 31, 15 million more than expected by the company. Therefore, it represents a growth of 22% compared to the same period last year and 5% compared to the previous quarter.
the streaming platform Spotify presented its balance sheet and exceeded its expectations by announcing that it had exceeded 500 million active users per month. The service has 515 million active users since March 31, 15 million more than expected by the company. Therefore, it represents a growth of 22% compared to the same period last year and 5% compared to the previous quarter. Thus, the company shoots up more than 7% on Wall Street.
Spotify also grew in number of subscribers. There are already 210 million users who pay for the service. They are 10 million more than in the last quarter and 15% more year after year.
This increase in the number of subscribers, yes, could be attributed to the offers that the platform makes to new users —much more attractive than other services such as Apple Music. On average, and according to the company’s quarterly report, the company enters 4.32 euros per user, 1% of what it entered in the same period of the previous year.
The company, on the other hand, has announced a net loss of 225 million euros, an amount slightly lower than the loss of the last quarter of the year (270 million euros).
Spotify, in addition, has confirmed quarterly revenues of 3,040 million euros, which do not exceed the expectations of analysts, who estimated revenues of 3,080 million euros.
In March Gustav Söderström, Spotify’s co-chairman, confirmed that the plan to launch Spotify Hi-Fi was still on track. “We’re going to do it (launch Spotify HiFi), but we’re going to do it in a way that makes sense to us and to our listeners. The industry changed and we had to adapt”, he affirms.
Spotify has also jumped on the generative AI bandwagon with some features available, for the time being, to a limited number of users. One of them is a DJ who is capable of playing songs along with spoken comments with a voice generated through artificial intelligence.
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