Spotify broke a record in 2022: surpassed its rivals

We can say that the competition between music applications is as dominant as the competition between streaming services. In this context, the platforms are working hard to leave their competitors behind. Swedish company Spotify broke a record in 2022 that set a difference to its competitors

Spotify broke a record in 2022: surpassed its rivals

The company has released a financial report giving us ideas about the platform's current situation. Report suggests that the company surpassed expectations and became the first streaming service to reach 200 million subscribers. For their monthly active users and the company reached 489 millon. Spotify experienced its greatest quarterly growth ever, adding 33 million MAU. 

Chief Financial Officer Paul Vogel stated, "We always knew that 2022 would be an investment year and that 2023 would be a year where we would slow down investments and thereby operating expenditures while revenue keeps on rising." Spotify has focused on podcasts for a while now. The company will continue focusing on podcasts and audiobook this year as well. Seeing that podcast market is quite popular these days, the company has rolled up its sleeves to offer more on that subject.

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