A Swedish music streaming platform has said that it has crossed 515 million monthly active users (MAUs) in Q1 2023 and witnessed a growth of 22 per cent (year-on-year) from 489 MAUs in the last quarter. It has been reported that it is the strongest first quarter since the platfrom went public in 2018. The Premium subscribers also grew by 15 per cent (year-on-year) to 210 million with better performance across all regions, led by Europe and Latin America.
The total revenue has gone up by 14 per cent year-on-year to 3 billion Euros, letting subscribers gain the ad-supported sales logging 17 per cent growth to 329 million euros.
The record Q1 net additions were in nearly all age demographics across both developed and developing markets and the company continued momentum as a result of increased brand awareness, retention improvements and performance marketing efficiencies.
The company in Q1 launched the beta version of 'AI DJ' to users in North America, strengthening its efforts in personalization and unveiling a new, dynamic and interactive foreground experience that makes the discovery of new music, podcast and audiobook content faster.
It also announced several new tools and features for creators, including Showcase, Spotify Clips, Countdown Pages, Spotify for Podcasters and more.
"Our premium subscribers grew 15 per cent to 210 million, up from 205 million last quarter," said the company.
Last month, the music streaming platform announced new features for creators and fans at its "Stream On" event in the US, including "Discovery Mode" which will soon be launched in India.
Inputs from IANS