The number of active monthly Spotify users increased by 23% to 602 million in Q4 2023. This is reported by Reuters with reference to the information of the streaming service.

This result exceeded the company’s expectations and analysts’ forecasts of 601.33 million users.

The number of Premium subscribers, which account for the lion’s share of the company’s revenues, grew by 15% to 236 million in the period. This also exceeded forecasts of 235.1 million subscribers.

Spotify’s quarterly revenue increased by 16% to €3.67 billion ($3.94 billion). However, it fell short of the forecast of 3.72 billion euros.

In the first quarter of this year, Spotify is expected to have 618 million monthly active users and 239 million Premium subscriptions.

As a reminder, in December, Spotify CEO Daniel Ek announced large-scale layoffs in the company. According to him, we are talking about laying off 17% of the service’s employees.