music streaming service reaches 422 million months

Spotify has announced its revenues for the first quarter of 2022 and the company is looking good when it comes to users. The company saw monthly active users jump 19% to 422 million year-over-year and premium subscribers jump 15% to 182 million.

Here are the main highlights of Spotify’s Q1 2022:

Monthly Active Users (MAU) grew 19% year-over-year to 422 million at the end of the quarter. Premium subscribers are 15% yoy to 182 million. Ad-supported revenue grew 31% year-over-year to €282 million (approximately $299 million). Revenue was €2.6 billion (approximately $2.75 billion), up 24% year-over-year in the first quarter.

The company also provided an update on its podcast content, which is spearheaded by heavyweights like Joe Rogan. “At the end of the first quarter, we had 4.0 million podcasts on the platform (versus 3.6 million at the end of the fourth quarter),” the company said in a press release. “The growth in the number of MAUs engaged in podcast content continued to outpace overall MAU growth, podcast consumption grew at double-digit Y/Y, and podcast share of total hours spent on our platform hit another record high. “

Spotify provides guidance for the second quarter of 2022 and expects 428 million MAUs, a number impacted by the shutdown of its Russian operations, and 187 million premium subscribers. As for total revenue in the second quarter, Spotify says it expects €2.80 billion (about $2.96 billion).

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