The streaming music and podcast production and distribution platform Spotify closed the first quarter of 2023 with net losses of 225 million euros, compared to profits of 131 million euros observed in the same period of 2022, according to reports. It emerges from the income statement published by the company on Tuesday.

Revenues grew by 14.3%, reaching 3,042 million euros, while the costs associated with revenues, largely derived from the royalties that Spotify has to pay to artists and record companies, became more expensive by 14 .4%, up to 2,276 million euros.

However, the rest of the expenses resulting from R&D, sales, marketing, general and administrative decreased by 10.7%, and remained at 922 million euros.

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Of the total billing, 2,713 million euros came from ‘premium’ user subscriptions, 14% more, while another 329 million euros resulted from served to users who use the service for free, 17% more.

The total number of users between January and March was 515 million, 22% more. ‘Premium’ subscribers grew by 15%, to 210 million, leading the European and Latin American markets, while free users advanced by 26%, to 317 million.

Spotify anticipates, facing the second quarter of 2023, that active users will increase to 530 million, to 217 million ‘premium’ users, and will have total revenues of 3,200 million euros.

Europa Press- Photo internet-media