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Headline : Spotify Q1 Results: User Growth Slows, Streamer Swings to Profit as It Hits 239 Million Premium Subscribers

Read more from the original article on here at variety.com.




Tags : #spotify #q1 #results #user #growth #slows #streamer #swings #profit #it #hits #239 #million #premium #subscribers


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Spotify reeled in fewer new users overall than it expected in the first quarter of 2024, but the audio-streaming giant touted “record strength” in profitability.

Total monthly active users (free and paid) grew 19% year over year to 615 million, a gain of 13 million from the previous quarter — which missed its guidance by 3 million. Spotify said “moderated marketing activity” led to “more normalized growth” following 2023’s record performance (when it added 26 million new MAUs in Q1).

The company said the lower-than-expected MAU growth also came amid “organizational change,” a reference to Spotify’s December 2023 layoffs cutting 17% of its workforce. CEO Daniel Ek, on the earnings call, said the job cuts “did disrupt” operations more than expected.

On the paid-subscriber front, Spotify Premium customers grew 14% year over year to 239 million worldwide, a gain of 3 million in the period (in line with guidance).

Read more from the original article on here at variety.com.


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