Spotify breaks records: over 500 million monthly users

Record quarter for Spotify. The Swedish streaming platform has surpassed all expectations by announcing exceeded 500 million monthly active users. In particular, since March 31, the service has 515 million active users; 15 million more than expected by the company. So this represents an increase of 22 percent year-over-year and 5 percent quarter-on-quarter.

Spotify has also increased its subscriber count. Already 210 million users pay for the service.; 10 million more than last quarter and up 15% year on year. This increase in subscribers, yes, can be attributed to the offerings the platform makes to new users – much more compelling than other services like Apple Music. On average, according to the company’s quarterly report, the company injects 4.32 euros per user, which is 1% of what it introduced in the same period of the previous year.

The company, on the other hand, posted a net loss of 225 million euros, slightly less than the loss for the last quarter of the year (270 million euros). Spotify also confirmed quarterly revenue of 3,040 million euros, falling short of analysts’ expectations of 3,080 million euros in revenue.

No details on the arrival of Spotify Hi-Fi

The good results in terms of monthly active users and monthly subscribers come at a time of significant downsizing in the company. Spotify, in particular, announced a few months ago that it was laying off 600 employees, representing 6% of its workforce. Swedish company Some projects are also being abandoned in order to cut costs.. Among them is Spotify Live, a Clubhouse-like service for live audio shows.

Spotify, which often uses quarterly results to announce future features, you didn’t talk about lossless hi-fi plan. This, we recall, has been confirmed for more than a year and is not yet available to subscribers. We know that the company decided not to launch this service after learning that other platforms like Apple Music offer it without an additional subscription. Well, Spotify’s goal was for users to pay for a higher plan than “Premium” in order to listen to songs in the highest quality.

In March, Gustav Söderström, co-chairman of Spotify, confirmed that plan to launch Spotify Hi-Fi was still on track. “We’re going to make it [lanzar Spotify HiFi], but we are going to do it in a way that is clear to us and our listeners. The industry has changed and we have had to adapt,” he says.

spotify too jumped on the bandwagon of generative AI with some features currently available to a limited number of users. One of them is a DJ capable of playing songs along with voice commentary in an AI-generated voice.