Swedish music platform Spotify presented this Tuesday, April 25 net losses of 225 million euros in the first quarter of the year, despite breaking its record of users and subscribers.
Spotify, which in the same period last year had earned 131 million thanks to additional financial income, posted an operating loss of 156 million euros between January and April, compared to 6 million a year ago, although less than the loss forecast of 194 million.
The company attributed the growth in losses to higher personnel costs due to the increase in staff and the consequent social security contributions. Billing amounted to 3,042 million euros, 14% more year-on-year.
Spotify As of March 31, it had 515 million monthly users, 22% more than in the same period of 2022 and 5% more than in the previous quarter, thanks to the positive evolution in all its markets and in almost all groups of ages.
Paying subscribers increased 15% year-on-year to 210 million, after growing in all regions, especially in Europe and Latin America.
The Swedish platform expects operating losses of 129 million euros and a turnover of 3,200 million for the second quarter of this year. Besides, They count on increasing their number of users to 530 million and their paying subscribers to 217 million.
Source: Larepublica
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