Spotify Exceeds 500 Million , Monthly Active Users.
The Verge reports that Spotify boasted over half a billion users as of March 31.
Compared to the same time last year, that is a 22% increase for the streaming service.
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According to CEO Daniel Ek, this is Spotify's second-largest quarter of user growth in the service's history.
Spotify now has 210 million paid subscribers, also showing a significant 15% increase year-over-year.
The Verge reports that the news comes following a quarter in which Spotify looked to streamline its operations and cut costs.
The Verge reports that the news comes following a quarter in which Spotify looked to streamline its operations and cut costs.
In an earnings call, Ek said that the service's critical priorities for 2023 were "speed and efficiency.".
Despite the increase in subscribers, Spotify posted a $248 million net loss in the first quarter of 2023.
The Verge reports that Spotify is largely thought to have more paid subscribers than any other music streaming service.
The Verge reports that Spotify is largely thought to have more paid subscribers than any other music streaming service.
While Tencent and YouTube have more monthly active users, both are hard to compare with Spotify, as they offer very different services.
While Tencent and YouTube have more monthly active users, both are hard to compare with Spotify, as they offer very different services.
The latest earnings report offered no update on when Spotify's new HiFi tier, which will offer lossless audio, will be available.
The latest earnings report offered no update on when Spotify's new HiFi tier, which will offer lossless audio, will be available
