Spotify has become the first streaming platform with more than 200million paid subscribers

It comes after the company announced it would be cutting six per cent of its workforce

Spotify continues to reign supreme as the most popular subscription-based music streaming platform, having recently become the first with over 200million paying customers.

According to the company’s Q4 2022 earnings report – which you can read in its entirety here – 205million users were streaming content with Spotify Premium accounts, marking a 14 per cent increase from data recorded in 2021. An additional 295million listeners used Spotify under its free, ad-supported base model.

Naturally, the streaming giant’s latest milestone has come with great financial benefits: revenue earned from Premium subscriptions grew by 18 per cent to €2.7billion (£2.41billion), while ad revenue grew 14 per cent to €449million (£400.4million). The company’s overall profit came in at €3.2billion (£2.85billion), another 18 per cent increase.


Nevertheless, Spotify announced recently that it plans to cut six per cent of its workforce – up to 600 employees, plus chief content officer Dawn Ostroff – over the next few months. In an internal memo to staff, Chief executive Daniel Ek said the company was restructuring to promote “speed”, writing: “As we evolve and grow as a business, so must our way of working while still staying true to our core values.”

In its most recent earnings report, Spotify claimed it took a €231million (£204million) operating loss, while its gross profit came in at €801million (£714million).

Meanwhile, Spotify recently launched a new feature called Playlist In A Bottle, allowing users to create a playlist that will only become accessible after a year.

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