Spotify’s ad revenue grew 16% in Q3 2023, ad-tier listeners reached 361 million

Celeste Huang

The latest Q3 2023 earnings report by Spotify and its annual Gen Z research.

Spotify’s latest Q3 2023 earnings showed positive results for the music-streaming and podcasting giant: its total revenue grew to €3.4bn, with ad-supported revenue reaching €447m, increasing 16% year-on-year. 

It marks Spotify’s first profitable quarter in more than a year – although a minuscule 1% increase – coming after its long-anticipated price hike, and a resurgence in the ad market. 

The platform gained 23 million new listeners in the third quarter, bringing the total number of monthly active users to 574 million. Ad-supported MAUs grew 32%, reaching 361 million. 

According to the company, there’s continued “improvement in...

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