Spotify announced on Tuesday that it gained 5 million new premium subscribers during the first quarter, marking a robust 12% growth compared to last year. This increase brings Spotify’s total premium subscriber count to 268 million, the company’s second-highest total ever and the largest first-quarter net addition since 2020.
In addition to impressive subscriber growth, Spotify reported record quarterly operating income of approximately €509 million ($528 million). Despite reaching this historic high, the result fell short of earlier company guidance, which projected earnings of around €548 million ($625 million). Total quarterly revenue rose 15% year-over-year to reach €4.2 billion ($4.8 billion).
Across its entire platform, the streaming giant saw its monthly active users (MAUs) climb to 678 million, with 423 million of those utilizing Spotify’s ad-supported tier.
This most recent performance builds upon Spotify’s substantial achievements in the preceding quarter, where the company achieved profitability, recording an operating income of €477 million ($509.48 million).
Spotify continues to lead the music streaming industry, surpassing rivals such as Apple Music and Amazon Music. The company’s ongoing expansion into video podcasts is also bearing fruit, with approximately 330,000 shows now available. Spotify further disclosed that its Partner Program has distributed over $100 million to podcast creators during the latest quarter alone.
Most recently, Spotify has expanded the availability of its AI-generated playlists into more than 40 new markets worldwide, including countries such as the Bahamas, Fiji, Ghana, Jamaica, Kenya, and Singapore, among others.
