14 DAY TRIAL // Spotify’s first-quarter financial performance isn’t necessarily as terrible as many previously anticipated given all the controversy the company has been involved in.
According to slides that have been shared by Spotify itself, the company now has no more, no less than 182 million subscribers, up no less than 15 percent year-over-year. Furthermore, the number of monthly active users has reached 422 million, an increase of 19 percent as compared to the same quarter a year ago.
Spotify also investing in new capabilities
Leaving aside the controversial decisions that Spotify has been a part of, the company pulling from Russia due to the war in Ukraine probably contributed to a slower than expected increase in terms of subscribers.
However, Spotify is working on multiple fronts right now, hoping that some of the improvements it makes could eventually help increase the number of subscribers.
For example, the company has recently launched new ways to discover music, including a personalized feed that shows up on the home screen of the mobile app.
“Now we’re giving fans another way to explore on Spotify. Starting today, we’re testing a new experience for Spotify users (across the U.K., Ireland, Australia, New Zealand, and Canada) where they can find new music and check out Canvas loops in a personalized feed that lives on the home screen of the mobile app,” Spotify announced earlier this month.
“There’s always more music (and Canvas loops) for you to discover thanks to daily updates that offer up to 15 fresh recommendations. Whether you want to get a glimpse into the creator’s mindset or learn more about the story behind the song, with this new beta test, we want to help you get closer than ever before to your favorite artists,” it continued, therefore emphasizing that it’s making content discovery significantly easier.