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HomeLatest NewsSpotify loses 302 million in the second quarter despite increasing its users

Spotify loses 302 million in the second quarter despite increasing its users

Date: April 15, 2024 Time: 20:06:02

Hit for the Swedish music platform. The Spotify company has obtained operating losses of 247 million euros in the second quarter of the year, as reported by the company and collected by Efe. It registers losses 27.3% higher than in the same period of 2022

This amount is divided between the 44 million euros that the closure of several podcasts and the deterioration of some of its real estate have cost Spotify, and the 91 million euros allocated to its optimization plan for these assets. Thus, excluding these charges, Spotify’s adjusted operating losses stood at 112 million euros, bettering the company’s own expectations.

According to the company, this figure reflects the increase in social charges and personnel expenses, partially offset by the decrease in legal and marketing costs. As for Spotify’s revenues, these reached 3.2 billion euros, 11% above the figure for the second quarter of 2022 and in line with the company’s forecasts.

Increase the number of users

For its part, the adjusted gross margin for this period stood at 25.5%, a figure that is close to the expectations of the brand and that obtained in the same period of 2022. As for listeners, according to the data offered by Spotify, its active monthly users have reached 27%, reaching 551 million. In turn, subscribers increased by 17%, up to 220 million. In both cases, the company has described these results as record figures.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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