Spotify has hit its best numbers ever, reaching 515 million monthly active users for the first time as of March 31. The company's CEO Daniel Ek shared that this is the audio streaming service's strongest quarter since it first went public in 2018.
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The news of Spotify's growth to over half a billion users comes just months after Q4 losses(opens in a new tab) and significant layoffs in early 2023. In January, Ek announced that Spotify would fire six percent of its global workforce.
Spotify's user base increased 22 percent since last year, and 5 percent since last quarter. With 210 million subscribers among its 515 million monthly users, the company is considered to have the largest amount of paying subscribers compared to its competitors, per The Verge(opens in a new tab).
Apple Music, by comparison, is predicted reach 100 million subscribers(opens in a new tab) by 2025. At the end of 2022, YouTube shared it has 32 billion monthly users(opens in a new tab), but the platform is not catered solely to music.
