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Spotify crossed 200 million paid subscribers

It's the first ever music streaming service to do so.

New York, 2 February 2023 (GNP): As the year 2023 arrived, Spotify reached 200 million subscribers. The music streaming service recorded a 14% yearly rise in revenue because of the growing number of paying customers. There are currently 489 million monthly active users (MAUs) on the site, an increase of 20% from the previous year.

The company recently announced 6% job losses, despite the fact that the company claimed a rise in earnings. The platform is having trouble due to the present economic recession, just like other businesses.

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According to sources, the reasons behind layoffs might be related to investors rather than raw profitability. Considering the figures, among competitors like Apple Music and Amazon Music, Spotify is believed to be the largest music streaming service in the world.