New Delhi: Swedish music streaming platform on Tuesday said it has crossed 515 million monthly active users (MAUs) in Q1 2023, a 22 percent (year-on-year) increase from 489 MAUs in the last quarter — its strongest first quarter since going public in 2018.
Premium subscribers grew 15 percent (YoY) to 210 million with better performance across all regions, led by Europe and Latin America. Total revenue grew 14 percent YoY to 3 billion euros, led by subscriber gains, with ad-supported sales logging 17 percent growth to 329 million euros. (Also Read: Meta Fired 30-Week Pregnant Employee; Check What Happened Next)
The record Q1 net additions was in nearly all age demographics across both developed and developing markets and the company continued momentum as a result of increased brand awareness, retention improvements and performance marketing efficiencies. (Also Read: Cognizant CEO Brian Humphries Fired: Check List Of 10 CEOs Of IT Giants Who Were Laid Off)
The company in Q1 launched the beta version of `AI DJ` to users in North America, strengthening its efforts in personalization and unveiled a new, dynamic and interactive foreground experience that makes the discovery of new music, podcast and audiobook content faster.
It also announced several new tools and features for creators, including Showcase, Spotify Clips, Countdown Pages, Spotify for Podcasters and more.
“Our premium subscribers grew 15 per cent to 210 million, up from 205 million last quarter,” said the company.
Last month, the music streaming platform announced new features for creators and fans at its “Stream On” event in the US, including “Discovery Mode” which will soon be launched in India.
