Spotify Surpasses Subscriber Growth Expectations, Narrows Loss in Q4

The streaming giant focuses on profitability with a 16% revenue increase and strategic cost-cutting measures.

Spotify reported a narrower fourth-quarter loss and surpassed expectations with strong user and subscriber growth, signaling a focus on future profitability.
The music streaming giant added 31 million premium subscribers in 2023, reaching a total of 236 million, and raised its subscription price for the first time in 12 years.
Spotify's operating loss narrowed to €75 million in the fourth quarter, with total revenue increasing by 16% year-on-year to €3.67 billion.
The company announced layoffs of 17% of its workforce in December as part of cost-cutting measures to achieve sustainable profitability.
Spotify's ad-supported revenue reached an all-time high, and it continues to diversify its offerings with investments in podcasts and audiobooks.