Spotify continues to see growth in users and subscribers – Q2 2023 results
Spotify just reported their second quarter results, which includes the latest number of monthly active users and paying subscribers.
As every quarter, Spotify just published their Q2 2023 results, which includes their full financial performance, a webcast Q&A on their Investor Relations site, as well as the infographic below. Here are the top points from Spotify:
- Monthly Active Users surged 27% to 551 million. Net additions of 36 million were 21 million ahead of guidance and represent an all-time high for the company.
- Subscribers grew 17% Y/Y to 220 million. Net additions of 10 million were 3 million ahead of guidance and represent the highest Q2 in company history.
- Total Revenue grew 11% Y/Y to €3.2 billion, in-line with guidance.
- Adjusted Gross Margin** finished in-line with guidance at 25.5% excluding charges related to our actions in the quarter to streamline operations and reduce costs.
- Adjusted Operating Loss** of (€112) million was better than guidance, excluding charges related to our actions in the quarter to streamline operations and reduce costs.
Will this upward trajectory continue despite yesterday’s Premium price increase?
Spotify highlights some of the biggest features that came to the platform between April – June 2023 for users and artists, including launching 11 new languages, surpassing 100,000 video podcasts, an update to the desktop experience, rolling out the AI DJ to the UK and Ireland, integrating BeReal and more.
This comes along with a new sizzle reel, showcasing the latest original and exclusive podcasts available for all to stream.