In its latest quarterly earnings report, Spotify revealed to have over 205 million paid subscribers and 489 million total active users.
These numbers are the result of heavy investment in new spaces – like Podcasts and the expansion of audiobooks to more regions. And to make its business more lucrative, Spotify is expected to launch the most anticipated HiFi audio and increase the prices of plans soon.
Spotify Q4 2022 Earnings Report
The Swedish music streaming giant – Spotify has posted tremendous stats in its Q4 2022 report, released this week. Talking about its user base, Spotify noted having over 205 million paid subscribers and 489 million total active users. The former number is more than what Spotify has targeted itself to achieve – 200 million subscribers – in the Q3 2022 earnings call.
All this success is the result of heavy investments in new podcast shows and the acquisition of Kinzen. Also, the streaming platform has expanded its audiobook service to Australia, the UK, New Zealand, and Ireland. All these, besides adding support for Spotify Connect in Android 13 devices, let users play music over Wi-Fi to speakers.
Despite all these positive signs, Spotify is still vulnerable to the ongoing economic turmoil, as it had to lay off hundreds of its employees – similar to other tech companies. Well, though it’s facing the heat, the company may grow much better than its rivals, Apple Music and Amazon Music, which have recently raised prices. Spotify is yet to do so.
And with fans waiting for the much-awaited HiFi Audio service, Spotify is surely having a good time ahead. We anticipate this to come bundled with a new streaming plan called the Platinum tier, which the company has been surveying its users about.