With hundreds of millions of subscribers from all around the world, Spotify, the most widely used digital music service provider, shared its financial report for the third quarter of 2023. Despite recently raising prices, the company recorded growth that exceeded expectations. Here are the details…

Spotify surpasses expectations! Here’s the financial report

In the past few months, Spotify made the decision to raise prices in many countries. While this price increase was seen as excessive in some countries, it was seen as reasonable in others. Of course, it’s not us saying this, it’s the users.

The company managed to attract attention with the financial report it shared for investors today. According to this report, Spotify’s monthly active user count increased from 456 million to 574 million, representing a 26% increase compared to the third quarter of the previous year.

The number of subscribers, which was 195 million in the third quarter of the previous year, reached 226 million, an increase of 16%. There is also a significant increase in revenue, which reached 3.4 billion euros, an 11% increase year-on-year.

Meanwhile, gross profit increased by 26.4%, and an operating income of 32 million euros was achieved. The company, which has been in the red for a long time, began to make a profit again in the third quarter. It is possible to say that the company has achieved significant success over the years, according to the data.

In the third quarter of 2020, Spotify had 299 million monthly active users and 138 million total subscribers. While the user base was increasing, the revenue side was going in the opposite direction. As of the third quarter of 2023, the company has finally left those days behind.

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