Spotify this week released the first quarter 2022 earnings. Spotify’s ad revenue grew 31% in the first quarter, reaching €282 million, 11% of the total revenue. Paid revenue grew 23% Y/Y to €2,379 million.
Paid subscribers grew 15% Y/Y to 182 million, and monthly active users (MAUs) reached 419 million users, meaning almost half of Spotify users are paying for the service. Spotify expects to reach 428 million users in the next quarter.
Spotify grew the premium subscribers to 182 million users despite 1.5 million disconnects from the wind-down of our Russian operations.
Spotify says the business benefited from out performance in Latin America and Rest of World, led by Indonesia, Brazil, and Mexico.