Spotify tops 700 mil. users after price hike, accelerates expansion in Korea

Spotify secured a significant milestone this quarter, reaching a total of 700 million monthly active users (MAUs) even after raising subscription prices in key global markets. The streaming company announced its third-quarter earnings on Tuesday (local time), sharing an 11 percent year-on-year increase in MAUs to 713 million. The service’s premium subscribers grew 12 percent from the previous year to 281 million. The company reported quarterly revenue of 4.27 billion euros ($4.9 billion), a 7 percent rise from the same period last year, with operating profit reaching 582 million euros, reflecting a 43 percent surge. Its net income turned positive from the previous quarter’s loss, hitting 899 million euros. The jump in users was driven both by the subscription fee increase and a successful global marketing push, with signups outpacing the company’s expectations. The increased subscription fees have contributed to boosting its revenue. In August, Spotify raised its monthly premium subscription price from 10.99 euros ($12.63) to 11.99 euros across major markets, including Europe, Asia