Spotify CEO Daniel Ek has taken to Twitter to announce the latest metrics from the popular streaming company.
According to the infographic shared, this past quarter was the most successful one yet for the company in terms of monthly active users (MAU). Clocking in at 515 million, the MAU base grew by 22 percent year-over-year.
.@Spotify's strongest Q1 since going public in 2018 and the second largest quarter of MAU growth in our history. Thank you to our teams worldwide for all you accomplished. More here: https://t.co/rkCQ3HWu43 pic.twitter.com/NC8FWGG4sR
— Daniel Ek (@eldsjal) April 25, 2023
Ek also revealed that 210 million users of the platform are now paid subscribers, an increase of 15 percent year-over-year. The quarter, which ended on March 31st, is the strongest Q1 since Spotify went public in 2018.
Spotify doesn’t appear to be resting on its laurels, either. Back in March, the company began the rollout of a new TikTok-inspired interface. And before that, in February, we saw the debut of a new AI DJ to its premium users.
While this is all good news for Spotify, it hasn’t been immune to the layoffs and cost-cutting measures that have characterized tech companies in recent months. Back in January, the company announced a layoff of six percent of its workforce.
Just how effective these cost-cutting measures prove to be in the long run remains unclear.