Spotify becomes 1st music streaming platform to surpass 200 million subscribers

Music streaming platform Spotify on Tuesday announced its premium subscribers base has touched 205 million, representing a 14 percent increase year-on-year. This makes Spotify the world's first music streaming company to achieve such a large user base.

Its monthly active users (MAUs) reached 489 million, a 20 percent increase (YoY), according to the company's Q4 2022 earnings report.

"Q422 delivered great platform growth. We ended 2022 strongly despite a challenging year. Expect us to move faster with more intensity of effort, driving even greater efficiency in 2023," CEO Daniel Ek said in a tweet.

On the earnings front, Spotify posted an operating loss of around $250 million for the quarter.

The MAU net additions reached a quarterly record-high of 33 million in Q4, 10 million above guidance. Subscriber growth also materially outperformed, exceeding guidance by 3 million net additions.

"Looking back on 2022 in its entirety, we are pleased with our overall results. Each year presents certain challenges and opportunities and, over the past 12 months, we largely delivered on our internal goals and we are excited about the momentum we are building heading into 2023," said Spotify.

The company last week announced to slash 6 percent of its workforce, or about 600 staffers, globally, and Ek announced that he was too ambitious in investing ahead of their revenue growth. (KB/IANS)