Spotify: The number of premium subscribers to Swedish music streaming giant Spotify has reached 205 million, an increase of 14% from the previous year (YoY). With this, Spotify has surpassed competitors like Apple Music and Amazon Music to become the first music streaming service in the world to reach this elite user base.According to the company’s Q4 2022 earnings report, Spotify’s MAUs increased by 20% (YoY) to 489 million, or monthly active users.
Reached a new quarterly high of 33 million
Spotify reported a quarterly operating loss of about $250 million in terms of revenue. In Q4, the MAU net additions exceeded expectations by 10 million and reached a new quarterly high of 33 million. In addition, subscriber growth significantly exceeded expectations by 3 million net additions. “We are pleased with our overall performance for the entire 2022. Every year has its own set of opportunities and challenges, and over the past 12 months, we largely met our internal goals. We are enthusiastic about the momentum we are creating as we look ahead to 2023 “Spotify stated.
It is unclear how many employees would be affected by the job cuts
After Meta, Twitter, Amazon, and Google, Spotify recently disclosed it would be laying off staff. The company last week announced that it would be laying off 600 employees worldwide, or 6% of its total workforce, and Ek said that he was being overly ambitious by making investments before the company’s revenue growth.According to a report, it is unclear how many employees would be affected by the job cuts at Spotify.In an effort to compete with Audible, the Swedish music streaming giant announced earlier in November of last year that it would be expanding its recently launched audiobooks service outside of the US.
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