Spotify just reported their third quarter 2023 performance, showing growing numbers, resulting in a rare profit for the streaming service.

Spotify’s Q3 2023 report shows strong growth across the board. Monthly active users are up 26% compared to Q3 2022. Growing by 23 million additions since Q2 2023, 2 million ahead of guidance, puts the music streaming platform at 574 million monthly active users.

Paid subscribers are also up. 6 million additions since the last quarter is 2 million ahead of guidance, resulting in 226 million subscribers, a 16% increase year-over-year.

More users and subscribers, combined with increased subscription prices has lead to more money for Spotify too. Spotify’s total revenue grew by 11% year-over-year to €3.4 billion, exceeding guidance. Gross margin was at 26.4% at the end of Q3 2023, which was also above guidance. This returned Spotify to profitability, with an operating income of €32 million.

As with every quarter’s report, Spotify highlighted some of the top new features for both users and creators in the infographic below. This quarter, Spotify highlighted features such as launching audiobooks to premium subscribers in the UK and Australia, expanding DJ to 50 markets around the world, introducing the personalized playlist feature – daylist, announcing their AI-powered Voice Translation tool, rebranding Group Sessions to Jam, as well as features for artists, like the new promotional tool – Showcase.

Image Credit: Spotify

You can find the full earnings release here. The webcast Q&A can be found on Spotify’s Investor Relations site. Tap play below to listen to a sizzle reel of audio trailers from recent original and exclusive podcasts and audiobooks.

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