Spotify's Premium Subscriber Base Grew 15% In First Quarter Despite Russia Exit, Joe Rogan Controversy
Despite being mired in the Joe Rogan controversy and Russia exit, Spotify's premium subscriber base grew 15 per cent year on year (YoY) in the first quarter (Q1).
New Delhi: Despite being mired in the Joe Rogan controversy and Russia exit, Spotify's premium subscriber base grew 15 per cent year on year (YoY) in the first quarter (Q1) of this year. The Swedish music streaming giant's monthly active users (MAUs) grew 19 per cent YoY to 422 million, the company said while announcing its first quarter earnings. The Swedish music streaming giant company posted a 24 per cent increase in revenue to 2.66 billion euros or roughly Rs 21,598 crore in this quarter.
"Premium subscribers grew 15% Y/Y to 182 million (inclusive of approximately 1.5 million disconnects from the wind-down of our Russian operations)," the company said in a statement.
Spotify's paid subscribers increased to 182 million this time from 180 million in the previous quarter.
"Music ad-supported revenue benefited from a Y/Y increase in impressions and healthy double-digit growth in CPMs. Podcast revenue strength was led by the Spotify Audience Network along with continued growth across existing Spotify studios and our exclusive licensing deals," the company noted.
Earlier in February, Spotify had removed about 113 episodes from The Joe Rogan Experience podcast after a racial slur video had surfaced. According to news reports, Spotify CEO Daniel Ek had sent a late-night memo in which he had also highlighted Rogan’s use of racially insensitive words. Ek reportedly wrote in the memo that some of the comments made by Rogan are hurtful and did not represent the values of Spotify as a company.
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