Spotify Premium Subscriptions Keep Climbing

TODAY’S STORY

Spotify added a record number of monthly active users in its first quarter, while paid subscribers beat expectations:

• Monthly active users grew 10% to 678 million 

• Premium subscribers rose 12% to 268 million

However, on Tuesday, its shares fell more than 3% after CEO Daniel Ek acknowledged that "the short term may bring some noise." As economic pressures mount, some customers may choose to downgrade from a paid subscription to the free tier.

Despite these short-term challenges, the long-term outlook appears strong and well-defined. Spotify continues to deliver on its commitment to margin growth by expanding its user base. The company can point to strong engagement and retention metrics as evidence, while also scaling back investments in areas like podcasting to improve overall efficiency.

Spotify remains resilient, but not entirely recession-proof.

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Kieran & Justin Ryan