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Spotify Q4 2023 Earnings: Revenues Up 16% as Monthly Users Reach 602 Million

Both revenues and user and subscriber growth exceeded expectations, though one-time charges led to an operating loss in the quarter.

Spotify ’s revenues for 2023 grew 16% year over year, reaching 3.67 billion euros ($4.05 billion), as a surge in both monthly active users (up 23% to 602 million) and premium subscribers (up 15% to 236 million) beat expectations. Spotify went through a series of cost-cutting moves in the past year, including laying off 17% of staff in December — its third round of layoffs in a year — as it seeks continued profitability, as well as instituting its first price hike on its standard premium plans in over a decade. That helped the company into the black in the third quarter, and Spotify said today, “With revenue and profitability trends both inflecting favorably heading into 2024, we view the business as well positioned to deliver improving growth and profitability.”

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