Spotify announced that it has a record 602 million users, 236 million of whom are paying audiobook members.
Announcing Q4 2023 earnings on the following day, Spotify CEO Daniel Ek said this. Ek claimed the firm had a terrific quarter, hit 600 million, and made progress with audiobooks in a short video uploaded on X before the earnings call.
To share: two things. During this quarter, we shattered many records. Our 600 millionth user is the most remarkable. Additionally, we had a record Wrapped, surpassing last year’s Wrapped in 31 hours.
Second, audiobooks are progressing well. We achieved our goal of more than doubling industry growth. The fact that we are introducing a new audience to the book industry is excellent, Ek added.
Read also: Spotify launches high-fidelity audio Supremum
Q4: 28 million users
It attracted 28 million members in Q4 2023, its second-largest quarterly rise ever, according to its earnings call with investors. Regional and Latin American subscribers accounted for 35% of all paid customers, according to the business.
The Sweden-based company’s revenues rose 16% to €3.7 billion ($3.97 billion). Operating losses were €75 million, down from €231 million last year. Spotify made €32 million in Q3 2023. Ad revenues hit a record €501 million with 12% year-on-year growth.
Spotify also revealed that its users listen to audiobooks differently than on Audible or other platforms.
Digital media are growing
YouTube, Google’s video and music streaming service, also said last week that it had over 100 million paid users across YouTube Music and YouTube Premium.
Google released YouTube Music for the first time in 2015. At that time, YouTube had a $9.99-a-month Red plan that let users watch videos without ads and listen to Play Music. The Red service changed its name to YouTube Premium in 2018.