business-music-technology3.57 min read "Spotify's Record Growth and Narrowed Losses Amid Layoffs and Price Hikes"
Spotify gained 10 million subscribers in Q4 2023, reaching 236 million Premium subscribers and 602 million total monthly active users. The company reported a 16% increase in revenue, reaching €3.67 billion, and narrowed its net loss to €70 million. Operating expenses grew 2% due to charges related to layoffs. Spotify's podcast segment is expected to swing to positive gross margin in 2024. The company announced a multiyear deal renewal with Joe Rogan, adopting a strategy of widely distributing shows to maximize audience reach. CEO Daniel Ek criticized Apple's App Store policies, claiming they prevent Spotify from generating incremental revenue.
2 years ago•Source: Variety
