As part of its quarterly earnings announcement, Spotify revealed that it now has 422 million monthly active users, up 19 percent year-over-year (YOY).
“Our business exhibited strength and resiliency in Q1,” a Spotify letter to shareholders reads. “Nearly all of our key metrics surpassed guidance, led by MAU outperformance, healthy revenue growth, and better Gross Margin. Excluding the impact of our exit from Russia, subscriber growth exceeded expectations as well. Overall, we are very pleased with the performance of the business and remain highly encouraged by the traction we are seeing.
Of those 422 million monthly active users, 182 million are paid premium subscribers, up 15 percent YOY, while 252 million are ad-supported subscribers, up 21 percent YOY. As you might expect, Spotify’s premium subscribers contribute far more to its revenues (€2.4 billion in the quarter) than do its ad-supported subscribers (€282 million). Overall, Spotify posted a net income of €131 million on revenues of €2.7 billion in the quarter ending March 31.
Spotify previously announced that it had lost 1.5 million subscribers in Russia when it cut off access to its service there because of the invasion of Ukraine.