At 220 million, Spotify's paid subscribers base has hit a new high. The Swedish music streaming giant now has 551 million monthly active users (MAUs) and 220 million paid users, the company announced on Tuesday, during its Q2 earnings call. Spotify's MAUs and premium subscriber numbers are as of June 30. The company's MAUs grew 27 per cent year on year while total revenue grew 11 per cent year on year to hit €3.2 billion. Company CEO Daniel Ek also made the announcement on Twitter from his handle @eldsjal: "Thanks to the Spotify team for another strong quarter and for powering our remarkable growth: 118M MAU and 32M subs over the last twelve months. Encouraging to see this progress against what we laid out in June 2022 at Investor Day."
The business performed very well in Q2, led by exceptionally strong MAU and subscriber results. MAU net additions of 36 million were 21 million above
guidance—an all-time high for the company—while subscriber net additions of 10 million were 3 million ahead of guidance and the highest Q2 in company
history. Revenue was in-line with guidance. Reported gross margin and operating loss were both primarily impacted by charges related to our actions to streamline operations and reduce costs," the company said.
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According to the music streaming giant, all regions outperformed and saw higher MAU additions compared to the prior year period, driven by
improved retention and marketing efficiencies. This comes within 24 hours of Spotify announcing a hike in its prices in the US and several other markets globally. Similar price hikes were done by music streaming services Apple Music, Amazon Music and YouTube Music Premium.
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Earlier in February, Spotify's premium subscribers base hit 205 million and Spotify outpaced rivals like Amazon Music and Apple Music to become the world's first music streaming company to achieve a premium user base.