Spotify Triples Profits After Price Hikes

Spotify announced a tripling of its profits following price increases, adding a record 38 million users in the last quarter of 2023. The music streaming platform reached 751 million monthly active users, with 290 million paying subscribers.

Net income amounted to €1.17 billion, or €4.43 per share, compared to €367 million in the same period last year. Spotify's shares rose by 15%. The price increases, implemented globally, appear to have been accepted by users, although the results do not include the impact of the recent price increase in the US.

Co-CEO Alex Norström stated that 2025 will be the 'year of accelerated execution' and 2026 the 'year of ambition amplification'. This is the first quarter under the new leadership of Norström and Gustav Söderström, following Daniel Ek's departure from the CEO position.