Overview

• Over 515 million people now use Spotify monthly, a 15% increase in paid subscribers.
• Spotify posted a net loss of €225 million in the first quarter of 2023 as revenue fell short of expectations.
• The company is cutting costs by shutting down projects like Spotify Live and Heardle.
• The launch date for Spotify's HiFi tier, announced two years ago, is still unclear.
• Despite strong growth, Spotify has regularly posted annual losses and invested heavily in podcasting.