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Spotify’s second-quarter 2023 financial report comes as the company has raised the price of its subscription service in the United States and several other countries. In recent months, the prices of other music streaming services such as Apple Music, Amazon Music, Tidal and YouTube Music Premium have also increased. We will see the effects of the Spotify subscription fee increase in the financial report of the third quarter.
Spotify’s CEO said in early 2023 that the company was working on “speed and efficiency”; For this reason, he has decided to say goodbye to some forces. Spotify’s layoffs were part of a broader trend across the tech industry that saw tens of thousands of job losses. Spotify laid off 6% of its global workforce, equivalent to approximately 600 people, and shut down Spotify Live (competitor Clubhouse) and Heardle (competitor Wordle).
In the second quarter of this year, Spotify recorded a net loss of $333 million; While the net loss of this company in the second quarter of 2022 reached 138.5 million dollars. For a company that usually favors growth over quarterly profits, this statistic is not that surprising.
The latest figures show that Apple Music, Spotify’s closest competitor, has 85 million subscribers; Of course, this is not an official statistic. It goes without saying that Spotify considers itself the most popular music streaming service in the world.
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