Spotify now has 602 million users – Kommersant

Spotify streaming service reportedthat its user base in October-December 2023 grew by 5% and amounted to 602 million people. Of these, 236 million people are premium users – an increase of 4% compared to the previous quarter.

In total, in 2023, the number of regular service users increased by 113 million people, and premium users by 31 million; these figures are a record for the company. Spotify managed to reduce its quarterly loss six times, to €70 million, while revenue for October-December 2023 amounted to €3.67 billion compared to €3.17 billion for the same period last year.

Spotify in December announcedwhich will fire 17% of the staff (about 1.5 thousand people) to reduce costs, also for the last year, a premium subscription of the service grew for the first time in ten years – from $9.99 to $10.99.

Previously on Spotify appeared function for generating playlists based on text descriptions. Also the company stopped activities of a Russian legal entity.

Spotify shares rose 7.6% in pre-market trading in New York. In general, over three months, the company’s capitalization increased by 35%, to $42.3 billion.

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Evgeniy Fedunenko