Following a recent deal with the US Podcaster Joe Rogen, Spotify revealed its fourth-quarter earnings. Spotify has reached a new milestone by having 236 million premium users. Spotify, a Swedish streaming company, increased its revenue by 4% in the last quarter of 2023.
The company has disclosed its quarter four numbers for 2023, showing an increase of 23% in the monthly active users.
Effect on revenue of Spotify
With this, Spotify has managed to get a hike of around 16% in revenue, which comes out to be 3.7 billion euros. The company even said in a statement that it has made a decent profit of 68 million euros in the last quarters of 2023, excluding its one-time charges. Moreover, Spotify declares it is moving towards more profitability and sustainable growth.
Future aim for 2024
With a great vision for 2024, the Swedish streaming service provider has even changed its management team. Rahul Balyan has been recently given the charge of head of marketing strategy and operations. The company sees its business as a way to lead better growth and profit in the future. CEO of Spotify, Daniel Ek, even told the staff of the company to be ready for future challenges that are expected to come. EK stated that a major layoff in recent years was due to slow economic growth and increased capital costs.