Spotify announced its earnings for the first quarter of 2023 this Tuesday (25), with great news for the platform. Streaming service hits 515 million monthly active users for the first time. The amount represents an increase of 22% year over year.

User growth was achieved in both developed and emerging markets. It covers people of almost every age group.

“The strongest first quarter since Spotify went public in 2018 and second-highest monthly active user growth in our history. “Thank you to our teams around the world for everything you’ve accomplished,” Spotify CEO Daniel Ek said in a statement on his official Twitter account.

The data shows a superior result in almost all key performance indicators (KPIs) of Swedish flow.

More than 200 million subscribers

Another strong growth for Spotify was 210 million premium subscribers, up 15% year-on-year.. The increase was observed in all regions of the world, especially in Europe and Latin America.

The platform also reported 14% growth in revenue compared to 2022, which was precisely led by the increase in subscriber numbers. Revenue reached 3 billion euros (approximately R$16.7 billion).

Spotify also highlighted its gross margin as 25.2%, with improvement in music and podcast profitability. Loss or operating income ended at € 156 million (R$ 868 million) thanks to lower marketing expenses.

Source: Tec Mundo

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