If you’re a bit older than 20, you probably remember the times when we used programs like LimeWire to listen to music or searched “YouTube MP3 converter” on Google. Particularly for those who didn’t live in Europe or America, this was once the only reasonable way to listen to the music we wanted.

That is, until platforms like Spotify and Apple Music came into our lives. These apps, which completely transformed our habits, have become the standard due to their accessible pricing and user-friendly interfaces, and it seems like this won’t change anytime soon. In fact, Spotify reported a profitable third quarter, with an increase in paying customers despite the price hike. Here are the details…

Spotify reports profitable Q3, paying customers increased despite the price hike

Spotify has released its report for the third quarter of 2023. In this quarter, the company reported a profit, which is a significant improvement compared to the losses of the previous year. During this period, monthly active users increased by 26% year-over-year to reach 574 million, surpassing the guidance by 2 million users.

What’s even more crucial for the platform is that the number of paid subscribers also grew by 16% year-over-year, reaching 226 million. It’s worth noting that Spotify recently made some previously free features exclusive to Premium subscribers, a move that has had a significant impact on user decisions.

Another noteworthy detail in the Q3 2023 report released by Spotify is the 11% year-over-year growth in total revenue, which reached €3.4 billion, surpassing the expected results. However, despite all these positive developments, the one aspect where Spotify hasn’t completely met the expectations of its user base is its commitment to providing a lossless streaming tier. Audiophile users have been eagerly anticipating Spotify’s lossless audio offering, rumored to be called the “Supremium” tier, priced at $19.99 per month and including extra features.

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