Spotify reports strong performance in Q2 2023 with all time high MAU growth

Spotify has reported strong growth in Q2 2023. Its Monthly Active Users (MAUs) surged 27% to 551 million. Net additions of 36 million stood at 21 million ahead of guidance and represent an all-time high for the company.

Subscribers grew 17% Y/Y to 220 million. Net additions of 10 million were 3 million ahead of guidance and represent the highest Q2 in company history.

Total revenue grew 11% Y/Y to €3.2 billion, in-line with guidance.

Spotify expected to incur charges in the second quarter related to its ongoing efforts to become a more efficient and stronger business. These were excluded from the Q2 guidance provided last quarter.

Adjusted Gross Margin finished in-line with guidance at 25.5%, excluding charges related to Spotify’s actions in the quarter to streamline operations and reduce costs.

Adjusted Operating Loss of (€112) million was better than guidance, excluding charges related to our actions in the quarter to streamline operations and reduce costs.