Spotify Exceeds 600 Million Monthly Users in 2024

In Stockholm, Spotify announced that by the end of 2023, it had exceeded 600 million monthly users and appraised a profitable start to 2024.

CEO Daniel Ek welcomed the strong quarter, marking a year of impressive growth for the company.

Monthly active users (MUAs) stood at 602 million, up by 23 percent from the previous year, with paying subscribers increasing by 15 percent to 236 million, contributing significantly to revenue.

Despite a 13.2 billion euros ($14.2 billion) revenue for the year, effective losses reduced to 446 million euros from 659 million euros in 2022.

However, Spotify has yet to succeed a full-year net profit, despite broken quarterly profits.

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Cost reduction measures, including staff cuts and price increases for premium subscribers, were implemented in response.

Despite these challenges, Spotify continues to invest in expansion and exclusive content like podcasts, recently restarting a deal with Joe Rogan.

Predictions for the first quarter of 2024 anticipate reaching 618 million MUAs and reaching an operating profit of 180 million euros.