Spotify passes 200 million paying users, posts 2022 loss

Music streaming giant Spotify on Tuesday reported a total of 205 million paying subscribers at the end of 2022, beating expectations, but its losses deepened.

The Swedish company, which last week announced it was cutting almost six per cent of its workforce to reduce costs, posted a net loss of 430 million euros ($465 million) for the year.

Analysts had forecast a loss of 441 million euros, according to Factset.

Revenue for the full year also slightly beat forecasts, coming in at 11.7 billion euros or a rise of 21 per cent from a year earlier.

The number of paying subscribers climbed by 14 per cent to 205 million, beating analysts’ expectations of 202 million, which the group attributed to strong growth in all regions, especially in Latin America.