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Spotify Just Hit 300 Million Premium Subscribers
Engadget • • business
Key Points:
- Spotify reported having 300 million Premium subscribers, a 9% increase from the previous year, significantly outpacing competitors like Apple Music, which has around 100 million paid subscribers.
- The total monthly active users, including free tier users, reached 777 million, slightly below Spotify's forecast.
- The company generated €4.78 billion ($5.5 billion) in revenue and €545 million ($628 million) in net income, with a record gross margin of 33.4%.
- The improved gross margin was attributed to Premium subscriber growth outpacing costs related to music, audiobooks, and podcasts.
- Spotify highlighted new features such as Reserved, which offers exclusive early concert ticket access, and an AI-powered tool for generating personalized podcasts.
