Spotify’s total MAUs (monthly active users) grew 19% year-over-year to 419 million in the first quarter, excluding a one-time benefit in April of 3 million users, up from 406 million last quarter. Spotify said it benefited from “outperformance in Latin America”. Indonesia, Brazil, and Mexico were the ones that accounted for most of the growth.
“MAU growth was particularly strong in our Gen Z audience, fueled by successful product feature launches such as our Lyrics experience, as well as marketing and content initiatives,” said Spotify.
The streaming platform said its premium subscribers grew 15% year-over-year to 182 million in the quarter, up from 180 million last quarter. “While this is slightly below our guidance, after excluding the involuntary churn of approximately 1.5 million subscribers as a result of our exit from Russia, growth was above expectations and aided by outperformance in Latin America and Europe,” it added.
Spotify also said it saw a double-digit year-over-year increase in new podcasts across key growth markets such as Latin America. The company posted a 24% increase in revenue in the quarter, to 2.66 billion euros, beating analysts’ expectations. Shares were up 2.20% in extended trading.