Spotify has increased its paying user base to 239 million (up 14% from last year) - and is planning another price hike

The streaming audio giant has added several new features (including AI), prompting subscribers to sign up for paid subscriptions.

According to Bloomberg data, in the first quarter of 2024, the number of Spotify's paid users increased by 14% compared to last year — up to 239 million. The total number of subscribers, meanwhile, reached 615 million (compared to 617.9 million last year).

• For comparison: YouTube Premium and Music have 100 million subscribers (no separate numbers provided); Apple does not disclose Apple Music data and the last clear figure was in 2019 — 60 million subscribers.

Spotify's total revenue increased by 20% — to $3.8 billion, and the company's operating profit amounted to $179 million, exceeding estimates.

Last year, Spotify raised subscription prices and plans another increase — by approximately $1-2 per month in five markets by the end of April, including the UK, Australia, and Pakistan.

In addition, the company is developing new tariffs for audiobooks — in 2023, the service introduced a subscription for audiobooks for the first time and says that more than 25% of users with access to the offering clicked "Play" at least once.

Last year, the company cut 2300 jobs in three stages of layoffs: in January, June, and December.