Spotify ended 2022 with 205 million subscribers, annual revenue of $12.4 billion and an acknowledgement that and an acknowledgment that “things change” regarding the company’s investment in podcasting and its recent “tightening” of spending.
“You go for growth first and then you seek efficiency,” Ek said.Elsewhere in the call, the company laid out its fourth-quarter results, with revenue of 3.166 billion euros , representing 18% growth year-over-year. Subscription revenue was 2.7 billion euros of that tally, a 18% increase year over year. Advertising revenue was 449 million euros , up 14% year over year. Its user base grew to 205 premium subscribers, up from 195 million in Q3, and 295 million free users, up from 273 million.
Average revenue per user was 4.55 euros in the fourth quarter, down slightly from 4.63 euros in the third quarter. Excluding the impact of the foreign exchange market, Spotify attributed the change to a “product and market mix.” Spotify’s gross margin of 25.3% — 80 basis points above guidance, the company said — was slightly better than the 24.7% registered in the third quarter but still a full percentage point below the 26.5% in the prior-year period. The company attributed the change to “lower investment spending and broad-based music favorability.”Spotify reported an operating loss of 231 million euros , up from 228 million euros in Q3 and a 7 million euro loss back in Q4 2021.
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