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Spotify exceeds expectations, reaches more than half a billion monthly active users

2023-04-26 11:34:59Lifestyle SHKRUAR NGA REDAKSIA VOX

Spotify exceeds expectations, reaches more than half a billion monthly active

For the first time, Spotify Technology SA has surpassed half a billion monthly active users, growth driven by the platform's expansion into more markets.

The number of monthly active users rose to 515 million in the first quarter, beating Spotify's expectations and analysts' forecast of 500 million.

Premium (paid) subscribers, which make up the bulk of the company's revenue, rose 15% to 210 million, beating estimates of 206 million.

The paid subscriber forecast of 217 million for the current quarter also beat expectations of 212 million. The company predicts 530 million monthly active users for the second quarter.

Last year, Spotify unveiled plans to reach one billion users by 2030 and reach $100 billion in annual revenue.

It also promised high-margin returns from its costly expansion into podcasts and audiobooks.

The company's quarterly revenue of 3.04 billion euros was lower than analysts' forecasts of 3.08 billion euros. This marked a larger than expected loss.

Gross margin decreased to 25.2%, from 25.3% in the year-ago quarter.

Spotify's revenue forecast for the current quarter of 3.2 billion euros also missed expectations of 3.26 billion euros.


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