Despite the price hike earlier this year, Spotify's paid subscriber count has reached a new high. The company reported in its Q3 2023 earnings call that the number of paid subscribers on its platform is now 226 million.
The music streamer revealed that its subscriber gain is about 16% compared to the same quarter from last year. Meanwhile, Spotify made 6 million additions compared to the previous quarter and exceeded its own expectations by 2 million.
On the other hand, its monthly active users (MAU) increased from 551 million in Q2 to 574 million in Q3 2023. Spotify recorded a 26% year-over-year growth when compared to the same quarter from last year when the MAU count was 456 million. Again, the company said it exceeded the guidance by 2 million and it "represents our second largest Q3 net addition performance in history."
Making up for last year's losses, the music streaming giant reported a profit of €65 million ($69 million approx.) in the third quarter. This comes after Spotify increased the price of its Premium and Premium Duo plans to $10.99/mo and $14.99/mo respectively.
Spotify rolled out a number of features and changes during the third quarter. The company expanded its AI guide DJ to 50 additional markets, unveiled AI-powered translation for podcasts, and added support for Patreon-exclusive content on its app.
Spotify also introduced a new collaborative listening feature called Jam that allows users to add songs to a shared queue in real time. It also added over 150,000 audiobook titles to its Premium plan and allowed users in select markets to consume up to 15 hours of content every month.
However, there is no concrete information regarding the arrival of its long-awaited lossless audio tier. As per recent reports, it's expected to launch as part of a new service dubbed "Supremium" and could be priced at $19.99/mo.
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