In an exciting development for the music streaming industry, a leading platform has announced a significant increase in its premium subscriber count, adding 5 million users in the first quarter. This impressive growth translates to a 12% rise compared to the same period last year, bringing the total number of premium subscribers to an impressive 268 million. This achievement marks the second-highest total ever recorded and the largest net gain of paid subscribers for a first quarter since 2020.
In addition to the surge in subscribers, the company also reported a record quarterly operating income of €509 million, approximately $528 million. Although this figure fell short of the company’s own expectations of €548 million ($625 million), it still reflects a robust financial performance. Total revenue saw a remarkable increase of 15% year-over-year, reaching €4.2 billion ($4.8 billion).
The platform now boasts a staggering 678 million monthly active users (MAUs), with 423 million of those users engaging with ad-supported content. These figures highlight the platform’s growing influence and reach in the competitive streaming landscape.
This latest report follows the company’s recent profitability milestone, where it announced an operating income of €477 million ($509.48 million) in the previous quarter. Such consistent financial growth underscores the platform’s strong position in the market.
Continuing to outpace competitors like Apple Music and Amazon Music, the streaming service is also making strides in the video podcasting arena, with 330,000 shows currently available on its platform. The recently introduced Partner Program has already distributed over $100 million to podcast creators in just the first quarter, showcasing the company’s commitment to supporting content creators.
Furthermore, the platform has expanded its innovative AI Playlist feature to over 40 new markets, including countries such as the Bahamas, Fiji, Ghana, Jamaica, and Kenya, among others. This rollout signifies the company’s dedication to enhancing user experience and engagement through cutting-edge technology.