Spotify has released its fourth quarter 2023 performance report, showcasing a 23% increase in user growth compared to the same quarter the previous year, reaching a total of 602 million accounts. Among these accounts, 236 million are premium subscribers, representing a 15% increase.
Total revenue for the quarter has also seen a significant 16% increase, amounting to 3.671 billion euros. This includes revenue from subscriptions, which reached 3.17 billion euros, and advertising revenue, which amounted to 501 million euros. However, there was a net loss of 75 million euros due to one-time expenses, with a cash flow from operations increasing to 397 million euros.
Spotify highlights the success of its 9th annual Wrapped campaign, which garnered over 225 million account users. Additionally, their audiobook service in the United States now offers more than 200,000 titles.
TLDR: Spotify’s fourth quarter 2023 report showcases a 23% increase in user growth, reaching 602 million accounts, with 236 million of them being premium subscribers. Total revenue for the quarter increased by 16%, amounting to 3.671 billion euros. Despite a net loss of 75 million euros, Spotify’s Wrapped campaign and audiobook service have achieved significant success.
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