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Spotify’s Global Paying Subscriber Base Reached 210 Million In Q1, Up 5 Million From Q4

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Spotify's Global Paying Subscriber Base Reached 210 Million In Q1, Up 5 Million From Q4

(CTN News) – It is estimated that Spotify added another 5 million net Premium subscribers to its user base in Q1 2023 (the three months to the end of March), making its audience of 210 million worldwide with paid subscriptions.

This 210 million number exceeds the company’s guidance for the quarter, which was 180 million subscribers, and marked a 15% growth in Premium Subscribers over last year.

During the first quarter of 2023 (the three months up to the end of March), the music streaming service added another 5 million net Premium subscribers to its user base, bringing the number of paying subscribers to 210 million globally.

There were 210 million Premium Subscribers in the fourth quarter, up 15% YoY, and were 3 million more than what the company had forecasted for the quarter.

At the end of Quarter 1 2023, Spotify’s total number of Monthly Active Users, which includes both paying and ad-supported users, increased by 22% YoY to 515 million, an increase of 22% YoY from Q1 2022.

There was an increase of 26 million MAUs over the prior quarter (Q4 2022) and an increase of 15 million over SPOT’s forecasts for the quarter.

According to the company, these 26 million new MAUs represent Spot’s biggest-ever growth in Q1, as it was driven by performance both in developed markets as well as markets in development, across nearly all age groups.

The company also attributed its steady MAU growth to “an increased level of brand awareness, better retention, and the effectiveness of performance marketing tactics”.

It is anticipated that the streaming giant will have 530 million MAUs at the end of Q2 (the three months to the end of June), which would imply approximately 15 million net new MAUs in the quarter.

As a result of the growth of the ad-supported Spotify MAUs in Q1 as compared to Q4 of 2022, Spotify’s ad-supported MAUs reached 317 million in Q1.

Spotify generated €3.04 billion in quarterly revenues in Q1 of 2015, which was an increase of 13% YoY at constant currency terms, according to the company’s financial reports.

As a result of what SPOT says are macro-related variables affecting SPOT’s advertising business, the company’s revenue growth was slightly below that of its expectations.

According to the company, its premium / subscriber revenues in Q1 were valued at €2.7 billion, an increase of 13% compared to Q1 last year.

As of Q1 2023, Spotify’s Ad-Supported Revenue was €329 million, up 13% YoY at constant currency from Q1 2022, which was €329 million.

As a result, SPOT’s Gross Margin finished above guidance at 25.2%, a result of what it claimed was “improved music and improved podcast profitability.”

It is estimated that Spotify’s operating losses amounted to €156 million in terms of profitability in 2016.

According to the company’s investor presentation published on Tuesday (April 25), “We are encouraged by the strong start to the calendar year 2023,” which was released on Tuesday (April 25).

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