MUMBAI: Spotify, the popular streaming service, announced today that it has reached a milestone of over 600 million monthly active users.

According to its Q4 2023 earnings report, the company added 28 million users in the quarter, marking the second-largest quarterly gain in its history. Of the total users, Spotify boasts over 236 million paid subscribers, reflecting a year-on-year growth of 15%. This growth was primarily driven by regions such as the Rest of the World and Latin America, which together represent 35% of the total paid user base.

The company's year-end Spotify Wrapped campaign, offering users insights into their platform consumption, attracted more than 225 million users. Additionally, Spotify enhanced its premium user experience by granting U.S. subscribers 15 hours of listening time per month across 200,000 titles.

Furthermore, a partnership with TikTok enables users to seamlessly save songs from TikTok clips directly to the Spotify app. In terms of financial performance, Spotify reported revenues of €3.7 billion ($3.97 billion), with a year-on-year growth of 16%. Although the company registered an operating loss of €75 million, this represents an improvement over the €231 million loss reported for the same period last year.

Notably, Spotify achieved a profit of €32 million in Q3 2023. Moreover, the company's advertising revenues reached an all-time high of €501 million, with a 12% year-on-year increase. In a bid to streamline operations, Spotify implemented workforce reductions, cutting 17% of its workforce, or approximately 1,500 employees, in December.

Looking ahead, the company teased potential changes for EU-based users, including the ability to purchase subscriptions and add-ons like audiobooks directly on iPhones once the Digital Markets Act (DMA) is enforced. However, recent developments with Apple's App Store guidelines in response to the DMA have sparked controversy, with Spotify criticizing Apple's changes as "extortion" and a "complete and total farce."