Spotify Hits 205M Paid Subs, Grows Fourth-Quarter Advert Income – Latest Hollywood News

Audio streaming large Spotify ended 2022 with 205 million premium, or paying, subscribers, up from 195 million as of the top of the third quarter.

Spotify additionally mentioned on Tuesday that it hit 489 million month-to-month lively customers (MAUs) as of the top of December, up from 456 million as of the top of September. “Internet additions of 33 million represented our largest-ever fourth-quarter development

The Stockholm, Sweden-based firm, led by CEO Daniel Ek, had beforehand forecast it might finish the 12 months with 202 million premium subscribers and 479 million MAUs.

Fourth-quarter promoting income on the agency continued to develop regardless of slowing advert momentum at some digital giants amid fears of a recession. Spotify’s quarterly ad-supported income rose 14 % year-over-year, or 4 % on a constant-currency foundation, pushed by podcasting.

Final week, Spotify unveiled that it might be shedding round 6 % of its workforce, or about 600 individuals, because the streaming audio large grew to become the newest firm within the know-how house to chop again on employees amid a difficult economic system. The corporate predicted it might take severance prices of $38 million-$49 million in reference to the layoffs. As a part of that announcement, one among Spotify’s most high-profile executives, chief content material and promoting officer Daybreak Ostroff, mentioned she would depart the corporate “as a part of a broader reorganization,” turning into a senior adviser to assist the corporate with the transition.

“As we evolve and develop as a enterprise, so should our means of working whereas nonetheless staying true to our core values,” Ek wrote in a weblog put up again then. “In 2022, the expansion of Spotify’s working bills outpaced our income development by two occasions. That may have been unsustainable long-term in any local weather, however with a difficult macro atmosphere, it might be much more troublesome to shut the hole.” He added: “Personally, these adjustments will permit me to get again to the half the place I do my greatest work—spending extra time engaged on the way forward for Spotify — and I can’t wait to share extra about all of the issues we’ve coming.”

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