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Spotify reports record growth in a year of layoffs and price hikes

Chart showing Spotify’s increase in users and subscribers.
Spotify’s growing userbase. | Image: Spotify

Spotify now boasts 236 million Premium subscribers, a 4 percent increase over last quarter, while its total number of monthly active users rose 5 percent to 602 million. The announcement came as part of its fourth quarter earnings release, which covers the three months ending on December 31st. Over the course of 2023, Spotify’s userbase and premium subscribers grew by 113 and 31 million, respectively, setting records for the company.

The results cap off a year that included both cost-cutting and price increases for the world’s largest audio streaming service. Last December the company announced it would be laying off 17 percent of its workforce, or over 1,500 people, in what was its third major round of layoffs in 2023. Spotify also…

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