Spotify reaches 205 million Premium subscribers as losses mount
its Q4 earnings and announced that it now has 205 million premium subscribers, up 10 million from last quarter. It also made €3.17 billion in revenue, so it exceeded expectations in both subscriber count and sales. It now counts nearly 500 million monthly active users including ad-supported and paid subscriber tiers.
However, its losses continued with €270 million in red ink compared to €39 million in the same period last year, due to moves that chief executive Daniel Ek called"too ambitious." For all of 2022, the company reported a net €430 million loss on revenue of €11.7 billion . Spotify said that the losses were due to"higher personnel costs primarily due to headcount growth and higher advertising costs," along with currency fluctuations. That helps explain the company's actions last week, when itTurn on browser notifications to receive breaking news alerts from Engadget
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