Spotify reported on Tuesday that its premium subscriber base grew by 5 million in the first quarter, representing a 12% increase year-over-year. This brings the total to 268 million, marking the second-highest total ever and the highest net addition of paid subs for a first quarter since 2020.
Spotify also reported a record-high quarterly operating income of €509 million, or around $528 million. However, this was below the company’s guidance of €548 million ($625 million). Total revenue jumped 15% year-over-year to €4.2 billion ($4.8 billion).
Additionally, the music streaming giant now has a total of 678 million monthly active users (MAUs) and 423 million ad-supported MAUs.
The numbers come on the heels of the company’s profitability milestone last quarter, when it reported operating income of €477 million ($509.48 million).
Spotify remains a top player in the music streaming industry, successfully beating competitors like Apple Music and Amazon Music. Plus, the company has been chasing YouTube with its push into video podcasts, with 330,000 shows now on the platform. Notably, its recently launched Spotify Partner Program has paid out more than $100 million to podcast creators in the first quarter.
Most recently, Spotify rolled out its AI Playlist offering to over 40 markets, including the Bahamas, Fiji, Ghana, Jamaica, Kenya, Singapore, and more.
