Spotify grows worldwide paid subscribers 12% year over year to 246 million

Spotify has seen a surge in paid subscribers, topping analyst expectations for the second quarter. The company announced a 12% year-over-year increase to 246 million subscribers on Tuesday, surpassing the projected 245.2 million. This growth comes despite recent price hikes.

Ashley Carman for Bloomberg News:
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Spotify has significantly pared costs over the last year to boost profitability, reducing its workforce and pulling back on podcast production.

The company also began rolling out its second price hike in a year, upping its individual premium plan in the US to $11.99.

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MacDailyNews Take: Apple Music has steadily grown into a genuine competitor to Spotify, especially in America where it is the largest music streaming service. Apple hasn’t revealed official Apple Music subscriber numbers on years, but Business of Apps estimates that, as of June 2023, 93 million people worldwide subscribe to Apple Music. That number may well be approaching or even over 100 million by now.
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