Music streaming platform Spotify announced the number of its premium subscribers, who account for most of the company’s revenue, rose 14 percent to 205 million in 2022.
Spotify said the number of monthly active users (MAUs) reached 489 million, a 20 percent increase, helped by marketing campaigns and growth in India and Indonesia.
Spotify expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion).
“Q422 delivered great platform growth. We ended 2022 strongly despite a challenging year. Expect us to move faster with more intensity of effort, driving even greater efficiency in 2023,” CEO Daniel Ek said in a tweet.
Spotify posted an operating loss of around $250 million for the quarter. The company has invested more than $1 billion in building out its podcast business which currently has more than 4 million titles.
The MAU net additions reached a quarterly record-high of 33 million in Q4, 10 million above guidance. Subscriber growth materially outperformed, exceeding guidance by 3 million net additions.
Spotify last week announced to slash 6 percent of its workforce, or about 600 staffers, globally.