Spotify crossed 200 million subscribers as the platform entered 2023. Through the increase in paid subscribers, the platform saw a 14% yearly increase in earnings.
Currently, the platform has 489 million monthly active users (MAUs), which shows a 20% year-on-year increase.
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Although the company mentioned an increase in earnings, the music streaming platform recently announced 6% job cuts. Like other companies, the platform is struggling due to the current economic conditions.
According to The Verge, the reasons behind layoffs might be related to investors rather than raw profitability.
Considering the figures, among competitors like Apple Music and Amazon Music, Spotify is believed to be the largest music streaming service in the world.
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