Spotify boasted that it has 236 million paying users of the so-called Premium subscription. Compared to last quarter, this is a 4% increase. The total number of users is 602 million, which represents a 5% increase compared to the previous quarter. Much more interesting for Spotify and its shareholders is the fact that in 2023 the number of users who are willing to pay for a Premium subscription increased by 31 million users, which was a record for year-on-year growth.
Given that Spotify currently costs $10,99 per month, Spotify has $2,6 billion in monthly subscription revenue, or $31,2 billion per year. This also includes advertising revenue. It is important to note, however, that this is revenue, not profit, as the service uses this money to pay artists who offer their music on the platform. On the other hand, Spotify's profit is in negative figures, and the company reported a loss of $2023 million in 532. Euro.
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