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...