The most talked about music streaming platform, Spotify has achieved a new feat in its subscriber numbers. According to media reports, Spotify gained over 200 million subscribers right after the start of the year 2023. The exponential gain in the number of paid subscribers has increased the earnings of the platform by 14 per cent yearly. The active monthly user mark of Spotify stands at 489 million. The numbers suggest that the platform has witnessed a 20 per cent year-on-year increase in active users.
Despite the company making a substantial profit, its recent decision regarding employees has raised questions. Like several other platforms including Google & Twitter, Spotify reported facing economical challenges.
The music streaming hub terminated 6 per cent of employees from its workforce. Some media reports suggest that the real reason behind the layoffs was the setback from investors and not the raw profits of the company.
Currently, Spotify holds massive popularity in the music streaming area. Against its competitors like Apple Music and Amazon Music, Spotify has emerged as the largest music streaming service in the world.