- Spotify has shared its results for Q4 2023, with the music streaming platform meeting or exceeding all of its KPIs.
- It has amassed more than 602 million monthly active users, with the number climbing 23 percent year-on-year.
- The platform also confirmed that 236 million Premium subscriber accounts now exist.
Spotify, like several other companies in recent weeks, has shared its latest financial quarterly report.
If you’re a shareholder, it makes for good reading, with Spotify either meeting or exceeding its key performance indicators (KPIs) for Q4 2023.
To that end, it saw increases in both the number of users who signed up for a Premium subscription on the platform, as well as its monthly active users (MAU). The former saw a 4 percent rise over the final three months of the financial year, with 236 million accounts now subscribed to Spotify Premium.
As for MAU, it now sits at 602 million users, which represents a year-to-year increase of 23 percent, or 5 percent for the quarter.
It has not been a great year for all things at Spotify, however, as The Verge points out as the company announced sizeable layoffs late in 2023 as it cut down its workforce by 17 percent.
An estimated 1 500 people lost their jobs, with it being the third batch of mass layoffs implemented by Spotify during the course of 2023. In its press release there is no mention of how those cuts impacted the bottom line of the company, but its choice to increase pricing across several regions including South Africa, likely had an effect.
To that end, Spotify posted a loss of €75 million for the quarter, but the company was quick to note that it, “was better than our updated guidance.”
“Excluding one time charges, we generated €68 million in adjusted Operating Profit, which is more than double the third quarter as the business continues momentum towards sustainable growth and profitability,” the release continued.
[Image – Photo by Agê Barros on Unsplash]
