Spotify Premium has reportedly recorded an additional five percent shares to paces its expansion campaign as the audio streaming platform continues to record more active streamers. Spotify blew its trumpet as the audio streaming app recorded five hundred and fifteen million MoM active streamers for 2023 Q1.
The audio streaming app recently expanded with flagship features such as audiobooks and podcasts to reach out to more listeners. Yea, the plan to attain growth after expansion worked out great having amass half a billion active streamers listening to trendy music, podcasts, and audiobooks.
However, Spotify predicted such value of active streamers, but the outcome turned out to be higher by an additional fifteen million active streamers. This is equivalent to 515 million active users, written in figures.
Spotify CEO Daniel Ek said. “Spotify is not sort of one silver bullet, but it’s rather 100 or a thousand things that we are doing that sort of compounds and adds to the story. There’s still a kind of a lot of macro choppiness in Q1 so that impacts us a little bit.”
“Its premium subscriber forecast of 217 million for the current quarter beat expectations of 212 million,” according to Ek and his management’s forecast about Spotify’s premium version which turned out otherwise. The premium sector of the audio streamer contributed most of the revenue that added to the 5% share growth.
According to the impact of Spotify Premium, the audio streamer added two hundred and ten million listeners which is equivalent to 15% growth. Last year, Ek said a lot of things and placed a bet on amassing more than five hundred and thirty million listeners before 2030. The countdown to 2023 is yet to elapse, Spotify has recorded half a billion users.
Spotify’s CEO uttered wishes to project a technology company that amasses $ 100 billion in annual revenue before 2023. Quarterly revenue of €3.04 billion missed analyst estimates of €3.08 billion, and it posted a bigger loss than expected.
Spotify is recognized as a great streaming platform in Africa — a streaming landscape where talents are showcased for incentives. Even the flagship podcasts and audiobooks featured on the streaming platform have impacted the African band of listeners that bolstered Spotify’s current growth.