Music Streaming Service Spotify Reaches 200 Million Paid Subscriber Milestone
As of December 31, 2022, the popular streaming service Spotify has surpassed 200 million additional paid users, which is a 14 percent increase. This earnings reports comes a week after the company announced layoffs of six percent of the company, estimated around 600 employees affected.
Spotify previously reported a $250 million operating loss in this quarter, prioritizing growth over profit on a quarterly basis. To date, the average revenue per premium subscriber has increased to 3 percent, but was slightly down from last quarter.
As of press time, there is still not much news on Spotify HiFi, which is a new subscription tier of the series that promises lossless CD-quality audio streaming. It has been two years since it was announced during the company's big launch event and no major updates have been released so far.
Spotify was founded in April 2006 in Sweden. It is one of the latest music streaming service providers with more than 489 million monthly active users.
Aside from streaming music, the platform is also a place to stream and listen to podcasts. Over 100 million songs and 5 million podcasts are currently in their database.