Spotify’s user base rises to 489 million in Q4, expected to reach 500 million listeners next quarter

Swedish audio streaming platform, Spotify has released its fourth-quarter results for 2022, revealing numbers that beat the industry estimates for both active users and subscribers. According to Spotify, the platform reached a total number of 489 million listeners towards the end of Q4.

The audio streaming platform also crossed a key milestone in paid subscriptions, which account for most of the company’s revenue. The brand reported a rise of 14 per cent in premium subscribers, taking the number to 205 million. The industry estimates ranged roughly around 202.3 million. 

Spotify has revealed that the growth has been a result of successful marketing campaigns in countries such as India and Indonesia. 

The platform has now forecasted the total number of listeners to reach 500 million in the current quarter. The premium subscribers are also expected to reach 207 million, genering a revenue of 3.1 billion euros. 

In a note to shareholders, Spotify revealed  that 156 million MAUs engaged with its year-end Wrapped marketing campaign, recording a 30 per cent growth year-on-year.

These numbers come a week after the audio streaming brand announced plans to layoff 600 employees.