Spotify has published its financial results for the third quarter of 2023.
Spotify's monthly active users grew 26% to 574 million in the third quarter of 2022, according to a new financial report. The number of subscribers increased by 16% and reached 226 million. The company's revenue increased by 11% year-on-year to 3.4 billion euros. Along with this revenue growth, gross profit increased by 26.4% and the company generated an operating income of 32 million euros.
Long-time loss-making Spotify returned to profitability this quarter.
When compared to previous years' data, it is possible to see how much Spotify has grown. In the third quarter of 2020, the number of monthly active users was 299 million, and the number of subscribers was 138 million, while these figures increased to 365 million and 165 million in 2021, and to 433 million and 188 million in 2022, respectively. This continuous growth is an indication of how successful the company is in the industry. This increase in revenue, in particular, is seen as a sign that Spotify is moving past the tough times.
