Spotify adds 18 million users in a year, but still losing money
Spotify just hit 696 million monthly users—up by 18 million from last year. Paid subscribers also jumped to 276 million, helping push subscription revenue to €3.74 billion.
But even with all this growth, Spotify reported an €86 million loss for the quarter, mainly because of higher employee costs and payroll taxes tied to its rising share price.
Despite the losses, Spotify is betting big on the future
Spotify's still growing fast worldwide (especially in Latin America), but making money isn't getting easier. Ads brought in a bit less cash than before, and expenses are up.
Still, Spotify is betting big on the future: it's rolling out more audiobooks across Europe and adding new AI features to keep listeners hooked.
The company expects even more users and revenue next quarter—so if you're into streaming or tech trends, this is one story worth following.