Music streaming platform, Spotify, has given its investors a pleasant surprise with its robust growth numbers. During the last quarter of the previous year, the platform witnessed a surge in its active users, crossing the 600 million mark per month for the very first time. The growth of 28 million users within this quarter is recorded as the second-largest growth in Spotify’s history.
Furthermore, there was a 15 percent annual increase in the number of customers opting for a premium subscription, raising the number to 236 million. This number was higher than what the analysts had predicted.
In the previous year, Spotify took measures such as increasing the prices of its subscriptions and cutting costs. As a result, around 1,500 jobs were eliminated in December. Despite these measures, the company’s revenues surged by 16 percent, reaching a total of 3.7 billion euros in the fourth quarter. Additionally, the operating loss was reduced to 75 million euros, a significant decrease from 231 million euros from the year before.
Looking ahead, Spotify anticipates even more growth for the current quarter, projecting 618 million active users and 239 million premium customers.
