Spotify are continuing to grow and beat previous targets as well as their guidelines. The Q4 results have seen subscribers and Monthly Active Users on the rise.
Spotify have now announced their results from the fourth quarter of 2023. During the year, they saw continual growth. Both through their revenue and their subscriber count. All trends heading in the right direction, and once again Spotify are beating targets.
They are confident they’re heading into 2024 Q1 with more achievable goals, as the business has positioned itself nicely within the industry. Allowing them to meet their KPIs and create a healthy amount of profit for the year ahead.
Their MAU (Monthly Active Users) have grown by 23% based upon the previous year. Now, they’re at 602 million, which is 1 million ahead of their guidance. Spotify’s subscribers have grown by 15% based upon the previous year. They now have 235 million subscribers.
Revenue has increased by 16% YoY and is now €3.7 billion. A lot of this is likely coming from exciting features that other streaming stores cannot compare with. For example, Spotify Wrapped brought in more than 224 million MAU.
They’ve just finished their 9th Wrapped campaign, in which they saw their user engagement grow more than 40% from the previous year across 170 markets. Big things are still happening for Spotify and their rivals are likely hoping they’ll slow down.
Each quarter, Spotify release a visual which allows their users, and also the artists using the platform, to see just how much they’ve achieved. It helps with transparency, which is something the store have been passionate about for some time.
Seeing visual cards is more beneficial for many users. Rather than having large chunks of text, the information is broken up into more manageable pieces. Having flashy, photographic cards is eye-catching and just overall much easier to digest, making it easier to understand.
