Spotify has published its latest quarterly financial results, for the third quarter of 2023.
They reveal that it ended September with 574 million monthly active users, with 226 million of them being premium subscribers. Those numbers were up 26% and 16% year-on-year respectively.
Quarter-on-quarter, Spotify added 23 million active users and six million subscribers in Q3. The company said that it was its second biggest Q3 ever for net additions of listeners. Both totals were above its guidance.
As for financials, the streaming service saw its quarterly revenues grow by 11% year-on-year to €3.36bn ($3.57bn at current exchange rates).
Spotify recorded an operating profit of €32m for the quarter compared to a €228m operating loss this time last year. The company also posted a net profit of €65m, compared to a €302m net loss in Q3 2022.
The company also updated its predictions for the final quarter of 2023. It expects to end this year with 601 million monthly active users – thus adding around 27 million in Q4 – and 235 million premium subscribers. That would mean around nine million net new subscribers in the year’s final quarter.
We’ll hear more of Spotify’s views on what Q3 showed for the company in its earnings webcast later on today.
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