The growth of Spotify continues unabated, which once again stands as the most used music streaming platform in the world. In drawing up the report for the second quarter of 2023, the Swedish giant has made it known that it has reached 220 million Spotify Premium subscribersfor a total of 551 million monthly users.
These numbers denote a 27% increase (by number of paid subscribers) and del 17% (number of monthly users) compared to the same period last year. Numbers even higher than the forecasts published last quarter.
Spotify Premium: subscribers are growing, revenues are falling
Despite the positive report in terms of subscribers, the company’s revenues continue to decline. In the new report Spotify claims to get a average revenue per user of €4.27, down 6% from the previous year. Last quarter, the average revenue was €4.32 per user.
More generally, in this second quarter, Spotify has recorded a net loss of 302 million euros. In the same quarter of 2022, the loss had been “only” 125 million euros.
To counteract this decline, Spotify has already announced an increase in subscription prices for the US and UK markets. And the increase could soon also arrive in Italy, as has already happened for other services such as Apple Music, YouTube Music and Tidal.
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Finally, it is worth noting that today’s press release by Spotify makes no mention of the expected Hi-Fi functionality in any way, which has been talked about for a long, too long time. From this point of view, the service appears to be light years behind its competitors, which already provide a lossless listening mode. Apple Musiceven offers it at no additional cost (but without providing a free listening plan).
For a complete guide to choosing the best streaming music platforms, please refer to our dedicated article.