Music streaming service Spotify has announced a profitable third quarter in 2023, attributing its success to a surge in user numbers and a price increase. The company reported a profit of 65 million euros, a significant improvement from the 166 million euro loss during the same period last year. Spotify experienced a growth of 6 million subscription customers and a total of 23 million new users in the past three months, bringing its user base to a total of 574 million, with 226 million paying subscribers. The company anticipates further expansion in the fourth quarter, projecting 235 million subscribers and a total of 601 million users. Spotify’s quarterly revenue rose by 11% to approximately 3.36 billion euros, with advertising revenue from the free version and podcasts increasing by 16% to 447 million euros, and subscription revenue growing by 10% to over 2.9 billion euros. In July, Spotify implemented a price increase for its subscriptions in various countries, including Germany.

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