Spotify now has 226 million paying customers and is making money again

Spotify, a music streaming service, said on Tuesday that its premium user base increased 16% (year over year) to 226 million in the third quarter (Q3).

According to the corporation, net additions of 6 million paying members were 2 million ahead of the forecast.

The number of Spotify’s monthly active users (MAUs) increased by 26% to 574 million, making it the second-best third-quarter net addition performance in company history.

A very outstanding quarter. incrementally better. Daniel Ek, the CEO of Spotify, said on X, “Thanks to all Spotify staff worldwide.

For the whole quarter, the business posted a profit of 65 million euros, or around $69 million.

The music portal reported operational income of 32 million euros (about $34 million) for the quarter, returning to profitability.

To achieve 3.4 billion euros in total sales, there was an 11% increase.

“The business delivered strong results in Q3 as all of our key indicators exceeded guidance and we returned to profitability,” the firm said.

Spotify stated in July that it will increase the cost of its premium membership in a handful of international regions. The Premium Individual plan for Spotify now costs $10.99 in the US, up from $9.99, while the Premium Duo plan now costs $14.99, up from $12.99.

The price of the Premium Family plan has increased from $15.99 to $16.99, while the price of the Student plan has increased from $4.99 to $5.99.

The Swedish music streaming service is experimenting with making in-app lyrics a premium-only feature in an effort to get more customers to subscribe to its subscription services.