Spotify packed on more users than it expected in Q1 2023, but revenue fell short of its guidance due to headwinds in its advertising business. For the first quarter of 2023, the company said total monthly active users (free and paid) grew by 22% year-over-year to 515 million “driven by strength in both developed and developing markets, and nearly all age groups.
Source: Spotify Tops Q1 Subscriber Targets to Hit 210 Million Paying Users, Revenue Misses