Spotify posted revenue of €32 million in the third quarter, its first quarterly profit since 2021

News from this site on October 24, Spotify announced its third quarter results for 2023, with operating income of 32 million euros (notes from this site: currently about 249 million yuan), This is the first time since 2021 Achieving quarterly profit , benefiting from higher gross profit margin and lower marketing and personnel costs.

Spotify Monthly active users increased by 26% to 574 million; the number of subscribers increased by 16% year-on-year to 226 million, a net increase of 6 million; total revenue increased by 11% year-on-year to 3.4 billion euros, Gross profit margin reached 26.4%.

Spotify said: "Ad-supported revenue grew 16% year over year (up 24% on a constant currency basis), reflecting double-digit year-over-year growth in all regions."

" Music advertising revenue re-accelerated, up nearly 20% year-over-year, driven by increased impression sales and stable pricing. Podcast advertising revenue growth remained in the healthy double-digit range, driven by original and licensed podcasts and Spotify Audience Network's sales impressions increased significantly year-on-year, but this growth was partially offset by soft pricing."

It is understood that after spending more than 1 billion euros Spotify has kept a tight rein on costs after building its podcast business, laying off 6% of its workforce earlier this year and raising prices on premium plans in several countries in July. Spotify aims to reach 1 billion users and $100 billion in annual revenue by 2030, with 235 million paying users expected and revenue of 3.7 billion euros expected in the final three months of the year.

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