Spotify reported Tuesday that its premium subscriber base rose 5 million in the first quarter, up 12% year-on-year. This brings the total to 268 million, marking the second highest total in the first quarter since 2020 and the highest purity of paid submarines.
Spotify also reported a record quarterly operating profit of 509 million euros, or about $528 million. However, this was below the guidance of 548 million euros ($625 million). Total revenues rose 15% year-on-year to 4.2 billion euros ($4.8 billion).
Additionally, the music streaming giant has a total of 678 million active users (MAUS) and 423 million ad-supported Mauss.
This number came shortly after the company's profitability milestone, after reporting operating profit of 477 million euros ($509.48 million).
Spotify is a leading player in the music streaming industry, successfully beating competitors such as Apple Music and Amazon Music. Additionally, the company has been chasing YouTube with a push to video podcasts, with 330,000 shows currently on the platform. In particular, the recently launched Spotify Partner Program paid more than $100 million in the first quarter to podcast creators.
Recently, Spotify has provided AI playlists to over 40 markets, including the Bahamas, Fiji, Ghana, Jamaica, Kenya, and Singapore.