Spotify experienced an increase of four percent in its paying Premium subscribers quarter-over-quarter in Q4, 2023.
This brings the total Premium subscriber count to 236 million, as revealed in the company’s fourth quarter earnings report.
Further, its total monthly users (paying and not paying) increased by five percent to 602 million.
Roughly a year ago, Spotify announced that it had 200 million paying subscribers, so the new earnings report marks an 18 percent increase year-over-year.
Similarly, in April last year, the company announced that it had 515 million monthly active users. Now, that number has grown by 16.89 percent to 602 million.
The company started off 2023 with layoffs in January, and it ended 2023 with layoffs in December, all while increasing the cost of its plans in Canada and other countries.
For the first quarter of 2024, the music streaming platform has bold goals. It predicts that it will be able to increase its monthly active users from 602 million to 618 million, total premium subscribers from 236 million to 239 million, and keep the total revenue around the €3.6 billion (roughly $5.2 billion CAD) mark.
You can find Spotify’s complete Q4, 2023 earnings report here.
In other Spotify-related news, the platform has told the CRTC that it may increase the prices of its plans in Canada if it faces fees related to Online Streaming Act.
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