In their recently released Q3 2023 report, Spotify has turned heads with a remarkable financial comeback. The company posted a profit, marking a substantial turnaround from the losses of the previous year.
But what’s truly exciting is the surge in user numbers. Monthly active users shot up by 26% compared to last year, hitting 574 million, surpassing the predicted figures by 2 million users.
Equally impressive is the growth in paid subscribers, up by 16% year-over-year, with a total of 226 million. This boost can be attributed, in part, to Spotify’s strategic move to offer exclusive features to Premium subscribers.
Spotify Announces Price Hike for Premium Users in the Philippines
In the revenue department, Spotify didn’t disappoint either, boasting an 11% year-over-year growth, reaching a staggering PHP204 trillion, surpassing expectations.
However, one area where Spotify has yet to meet its users’ expectations is the highly anticipated lossless streaming tier.
Audiophiles have been eagerly waiting for Spotify to roll out their lossless audio offering, rumored to be named “Supremium,” priced at PHP1,100 per month and featuring extra perks. This offering has been a point of anticipation for Spotify’s user base and remains on the horizon.
In summary, Spotify’s latest financial report is a testament to its resurgence, driven by substantial user and subscriber growth, boosted revenues, and a few remaining promises that audiophiles are eagerly awaiting.
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