Spotify now boasts 236 million Premium subscribers, a 4 % improve over final quarter, whereas its whole variety of month-to-month lively customers rose 5 % to 602 million. The announcement got here as a part of its fourth quarter earnings launch, which covers the three months ending on December thirty first. Over the course of 2023, Spotify’s userbase and premium subscribers grew by 113 and 31 million, respectively, setting information for the corporate.
The outcomes cap off a yr that included each cost-cutting and value will increase for the world’s largest audio streaming service. Final December the corporate introduced it might be shedding 17 % of its workforce, or over 1,500 folks, in what was its third main spherical of layoffs in 2023. Spotify additionally elevated its costs within the US and different markets around the globe earlier in to yr, which notably noticed the month-to-month price of a Premium subscription rise to $10.99 after over a decade costing $9.99.
Regardless of the drive in the direction of effectivity, Spotify posted a quarterly lack of €70 million (round $75 million), down from a revenue of €65 million ($70 million) in Q3. However this was an enchancment over the €270 million loss (round $290 million) it posted in the identical quarter the earlier yr. Its web loss stood at €532 million (round $570 million) for the entire of 2023. However common income per person was up, and now sits at €4.60, versus €4.34 final quarter and €4.55 in the identical quarter a yr earlier. Promoting income additionally rose to €501 million (round $538 million) within the quarter, which the Wall Road Journal notes is an all-time excessive.
Past music, Apple’s podcasting and audiobook initiatives proceed, though the corporate has adjusted its approaches in latest months. It lately renewed its take care of Joe Rogan, although has stated it’ll now enable his podcast to be distributed by way of different podcasting platforms. And on the audiobooks facet, the streaming service is now permitting Premium subscribers to entry 15 hours of audiobook content material as a part of their subscription, after beforehand promoting it completely as an on-demand further.
At present’s launch as soon as once more omits any point out of when Spotify’s lossless streaming choice may launch. The corporate introduced the function, which on the time was branded “HiFi” nearly three years in the past in February 2021, nevertheless it’s nonetheless but to announce an official launch date. As of final March it was nonetheless coming “in some unspecified time in the future” and more moderen reviews counsel it could now be branded “Supremium,” nevertheless it’s not clear precisely when it is likely to be out there publicly.