Spotify Hits 761 Million Active Users in Q1 2023

Spotify announced that it has reached 761 million active users by the end of the first quarter of 2023, with 293 million of those being paid subscribers, slightly above the company's guidance of 759 million monthly active users. Co-CEO Alex Norstrom stated that the growth was driven by healthy engagement from existing users and the reactivation of new users.

Spotify's founder, Daniel Ek, is set to step down from his role as CEO in 2026, handing over the position to Norstrom and co-CEO Gustav Soderstrom, while Ek will retain an active role as executive chairman. The company's revenue for the first quarter was reported at €4.5 billion, marking an 8% increase from the previous year, and operating income rose by 40% to €715 million.

Looking ahead, Spotify expects to reach 778 million monthly active users and 299 million paid subscribers by the end of April 2023.