(HYPEBOT) – Spotify added 28 million Monthly Active Users (MAUs), including 10 million paid users, in the last three months, the second-largest-ever Q4 gain.
Spotify stock was up as much as 7% in pre-market trading Tuesday after its report to analysts.
Subscriber Growth
Spotify reported that users now top 602 million, including 236 paid premium subscribers.
Overall, Spotify added 113 million new active users last year. Much of that growth came from international markets.
Revenue Report
Revenue grew 20% over the previous year on a constant currency basis, driven by price increases and paid subscriber growth. Ad revenue grew only marginally, a cause of concern for some analysts.
Operating losses continued but narrowed 66% to $80 million, driven by costs related to recent layoffs. Without layoff expenses, Spotify showed a marginal profit of $85 million.
Last December, Spotify cut 17% of its workforce or 1,500 of its 9,000-person global headcount.
Adjusted operating income more than doubled the operating income in Q3 of 2023.
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.
