CURRENT REPORT BLOG Spotify reported surpassing 600 million monthly users at the end of 2023 and anticipates a profitable first quarter in 2024. The Chief Executive Officer, Daniel Ek, celebrated a strong quarter, marking significant growth for the company. As of 2023’s conclusion, Spotify had 602 million monthly active users, a 23% increase from the previous year, with paying subscribers rising by 15% to 236 million. Despite a 2023 operating loss of 446 million euros, an improvement from 2022, Spotify has never posted a full-year net profit. Recent cost-cutting measures, staff reductions, and price increases for premium subscribers reflect Spotify’s efforts to enhance profitability. The company plans to reach 618 million Monthly Active Users (MAUs) and achieve an operating profit of 180 million euros in the first quarter of 2024.
