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Spotify Q1 Results: User Growth Slows, Streamer Swings to Profit as It Hits 239 Million Premium Subscribers

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Todd Spangler NY Digital Editor Spotify reeled in fewer new users overall than it expected in the first quarter of 2024, but the audio-streaming giant touted “record strength” in profitability.

Total monthly active users (free and paid) grew 19% year over year to 615 million, a gain of 13 million from the previous quarter — which missed its guidance by 3 million.

Spotify said “moderated marketing activity” led to “more normalized growth” following 2023’s record performance (when it added 26 million new MAUs in Q1).

The company said the lower-than-expected MAU growth also came amid “organizational change,” a reference to Spotify’s December 2023 layoffs cutting 17% of its workforce.

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