Spotify adds 5M premium users and hits record operating income

Subscriber Growth - Spotify's premium subscriber base increased by 5 million in Q1, a 12% year-over-year growth, totaling 268 million subscribers, marking the second-highest total ever and the highest net addition for a first quarter since 2020 [1] Financial Performance - The company reported a record-high quarterly operating income of €509 million (approximately $528 million), although this was below the guidance of €548 million ($625 million) [2] - Total revenue rose by 15% year-over-year to €4.2 billion ($4.8 billion) [2] - The operating income for the previous quarter was €477 million ($509.48 million) [3] Market Position and Competitive Landscape - Spotify continues to be a leading player in the music streaming industry, outperforming competitors like Apple Music and Amazon Music [4] - The company is expanding into video podcasts, with 330,000 shows available on the platform, and has launched the Spotify Partner Program, which paid out over $100 million to podcast creators in Q1 [4] Product Innovations - Spotify has introduced its AI Playlist feature to over 40 markets, including countries such as the Bahamas, Fiji, Ghana, Jamaica, Kenya, and Singapore [5]