(CTN News) – In Spotify’s earnings report for the third quarter of 2023 that ended on September 30, the company revealed that Spotify Premium subscribers increased by 3% over the same period the previous year.
Currently, the number of people living in the country has reached 226 million. Despite the fact that there have been price increases in several markets around the world, including the US.
The platform also reported an increase in its monthly active users (MAU) over the past quarter, with the number reaching 574 million, which represents a decrease of 4% quarter-over-quarter and an increase of 26% year-over-year.
In comparison with what was predicted by the platform itself, there was a significant increase in the number of users.
It should be noted that this growth was the second-largest quarterly increase in MAUs in the history of the platform in the third quarter, and it marked the second-largest quarterly increase in MAUs ever.
The first premium price increases in various markets around the world were introduced by Spotify during a period of time during which their first premium price increases were introduced.
As part of the increase, Spotify Premium subscriptions will also be increased by $1 to $10.99, which will affect a wide range of markets and subscription plans at the same time.
Despite this, the company reported a profit for the current quarter of approximately $69 million, which is a significant improvement compared to the $177 million loss in the same period last year.
An increase of $34 million was also recorded in operating income, indicating that the business is on the right track.
Additionally, Spotify offers a variety of audiobooks as well as audiobooks on demand as part of its podcast offering, as well as its podcast offerings.
In addition to the new a la carte model for premium subscribers, they are also able to access up to 15 hours of audiobook content as part of their subscription, which is an improvement over the previous a la carte model.
The new podcast features include auto-generated transcriptions as well as an AI-powered voice translation feature to help users make sense of the content they listen to. This shows Spotify’s continued investment in these platforms.