After a fantastic year, Spotify have risen dramatically. They have hit 236 million Premium subscribers, breaking previous records. They’re only continuing to grow, too, so we’re set to see big things.
Big news from Spotify: they’ve hit a huge 236 million Premium subscribers, which, is up 4% from last quarter. Their total monthly active users reaching 602 million, a 5% increase. Their numbers have been quite impressive, and are only continuing to grow.
These figures, revealed in their fourth quarter earnings report covering the end of December, mark a record-breaking year for the streaming giant, with a 113 million increase in users and 31 million new Premium subscribers throughout 2023.
But it hasn’t been all smooth sailing. Spotify underwent some major changes last year, including lay-offs and price hikes. They trimmed their workforce by 17% in December, affecting over 1,500 employees, and adjusted their subscription prices.
Which brought Premium up to $10.99 per month in the US. Despite these shifts, Spotify reported a quarterly loss of €70 million (around $75 million), an improvement from the previous year’s €270 million loss. Their average revenue per user also saw a positive bump.
It’s now standing at €4.60. On the bright side, advertising revenue hit an all-time high at €501 million (roughly $538 million) for the quarter, according to the Wall Street Journal. But the tension between Spotify and Apple continues, with Spotify criticising Apple’s App Store.
It comes down to the policies. Spotify are currently declining to support Apple’s new Vision Pro headset at launch. Looking beyond music, Apple’s podcasting and audiobook ventures are still going strong. They’ve renewed their deal with Joe Rogan
They are also now allowing Premium subscribers access to 15 hours of audiobook content as part of their subscription. Yet, one thing still missing is Spotify’s lossless streaming option. First announced as “HiFi” almost three years ago, and possibly now branded as “Supremium”.
There’s still no official launch date in sight. But hey, good things come to those who wait, right? So, while we’re eagerly anticipating the arrival of Supremium, let’s keep jamming to our favourite tunes and staying tuned for more music news and updates!
