Friday, December 8, 2023

Spotify loses 225 million in the first quarter despite record users

Swedish music platform Spotify this Tuesday presented net losses of €225 million in the first quarter of the year, despite beating its record of users and subscribers.

Spotify, which in the same period last year he had earned 131 million thanks to income financial additions, obtained an operating loss of 156 million euros between January and April, compared to 6 million a year ago, although lower than the expected loss of 194 million.

The company attributed the growth in losses to higher personnel costs due to the increase in staff and the consequent quotes social.

The billing amounted to €3,042 million, 14% more year-on-year.

Spotify counted as of March 31 with 515 million users monthly, 22% more than in the same period of 2022 and 5% more than in the previous quarter, thanks to the positive evolutiona in all its markets and in almost all age groups.

The subscribers payments increased 15% year-on-year to 210 million, after growing in all regions, especially in Europe and Latin America.

The Swedish platform waits for the second quarter this year, operating losses of €129 million and a turnover of €3.2 billion.

Spotify counts on increasing its number of users up to 530 million and that of paying subscribers, up to 217 million.


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