In a historic development, Spotify has successfully hit a record of 751M monthly users, driven by its year-end “Wrapped” campaign that rounds up stats and listening highlights for users, and new features on its free tier.
The Swedish music streaming giant stated that it saw a significant growth of 38 million users in the last quarter, marking an 11% increase from a year earlier.
Among the increased rate, paying subscribers rose by 10% to 290 million in the quarter.
As per the company, “Wrapped” campaign resulted in over 300 million engaged users and 630 million shares on social media in 56 languages.
The phenomenal surge comes as Spotify’s new co-CEOs Gustav Söderström and Alex Norström replaced Daniel Ek.
Following the release of a music streaming pure-play, Spotify has diversified its remit to include podcasts, audiobooks, and even physical bookstores.
It released music videos within the app and video podcasts, and has doubled down on its retention strategy by bringing a range of interesting features such as group chats and letting users share what they’re listening to, and other features that captivated user’s attention.
Profitability has remained a major focus for the company in recent years, and it has even tried to accomplish it by raising subscription prices across Europe and the US.
Moreover, the company integrated some advanced features to its free, ad-supported tier to garner significant attention from rivals, including Amazon Music and YouTube Music.
Currently, Spotify is now aiming to hit 759 million users, and 293 million paying subscribers in the ongoing quarter.
