New Delhi: Swedish music streaming platform on Tuesday said it has crossed 515 million monthly active users (MAUs) in the first quarter of 2023, a growth of 22 per cent (year-on-year) from 489 MAUs in the previous quarter – Public This is the strongest first quarter since 2018.
Premium subscribers grew 15 percent (YoY) to 210 million, led by Europe and Latin America, with outperformance across regions. Total revenue rose 14 percent to 3 billion euros, with a 17 percent increase in advertising-supported sales, driven by 329 million euros in customer gains. ,Also read: Meta fires employee who is 30 weeks pregnant; check what happened next,
Record first quarter net growth across nearly all age demographics in both developed and developing markets and the company continued momentum resulting from increased brand awareness, improved retention and performance marketing efficiencies. ,ALSO READ: Cognizant CEO Brian Humphries sacked: Check out the list of 10 CEOs of IT giants,
In Q1 the company launched the beta version of `AI DJ` for users in North America, strengthening its efforts in personalization and unveiling a new, dynamic and interactive foreground experience that enables discovery of new music, podcast and audiobook content. Makes it faster.
It also announced a host of new tools and features, including Showcase for creators, Spotify Clips, Countdown Page, Spotify for Podcasters, and more.
“Our premium subscribers grew by 15 per cent to 210 million from 205 million in the previous quarter,” the company said.
Last month, the music streaming platform announced new features for creators and fans in its “Stream On” program in the US, including “Discovery Mode”, which will soon be launched in India.