Spotify Zooms to 422 Million Users in Q1, Growing Overall Listeners Amid Rogan Controversy and Loss of Russia Subscribers

Shares of Spotify were up 2%-5% in pre-market trading Wednesday on the results. The stock has declined 55% year-to-date.

During March’s service outage, which caused users to be “involuntarily logged out of Spotify,” the company estimates that certain affected users created new accounts to log back in, resulting in approximately 3 million additional MAUs in the quarter. One month later, Spotify saw a “reversal” of the 3 million MAU lift. Q1 growth in monthly active users growth was “particularly strong in our Gen Z audience,” which Spotify attributed to new product features such asSpotify reported revenue of €2.

At the end of Q1, Spotify had 4.0 million podcasts on the platform, up from 3.6 million at the end of Q4. Podcast consumption rates grew in the double digits in the period, and “podcast share of overall consumption hours on our platform reached another all-time high,” the company said, without providing numbers., citing the suspension of premium service in Russia in light of the war on Ukraine.

Prior to Russia’s invasion of Ukraine, CFO Paul Vogel said at an investor conference last month, Spotify was trending ahead of its Q1 guidance of adding a net 8 million total users — which suggested Spotify was not seeing a significant loss of users because of the backlash over Rogan, the controversial podcast host whose show is exclusively carried on Spotify.

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