Spotify has achieved a major milestone in Q1 2023, as it now boasts more than 500 million active users worldwide. The company’s earnings report revealed that Q1 was its second-biggest quarter for user growth ever, with an increase of five percent from the previous quarter and 22 percent year over year. The user base grew by 26 million, which was 15 million more than Spotify had anticipated. The growth was seen across both developed and developing markets, as well as almost every age group.
Most of the growth came from users of the free, ad-supported version of Spotify, with premium subscriptions rising by just two percent from the previous quarter and 15 percent year over year. However, premium subscribers grew by three million more than the company had indicated in its guidance to investors.
