Streaming audio platform Spotify logged its largest quarterly user growth on record, adding 36 million streamers to end its second financial quarter of the year with 551 million monthly active users.
Of those, around 7 million streamers agreed to pay Spotify between $10 and $18 a month for a Premium subscription (the price range includes multi-user household plans), bringing Spotify’s paid customer base to over 217 million around the world.
The figures represented a 27 percent year-over-year increase in monthly active users for Spotify, and a 17 percent jump in paid customers compared to the second financial quarter of 2022.
While user and subscriber metrics beat Wall Street expectations, Spotify’s quarterly income was a huge miss, with the company reporting a loss of €302 million (around $331 million) — almost three times higher than what financial analysts were expecting.
This week, Spotify announced it was raising the price of its Premium subscription in the United States, bringing the cost of the plan to $11 a month. The price is in line with what Apple and Amazon charge for similar streaming audio products.
Spotify also increased the price of its Duo and Family plans, which allow one paying customer to share their Premium subscription with two or more people in their immediate household.
Shares of Spotify fell more than 14 percent in after-hours trading on Tuesday. Its stock price rebounded slightly to end Wednesday at just under $150.