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3 Factors Behind Spotify's Massive Listener Growth

TheMotleyFool

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3 Factors Behind Spotify's Massive Listener Growth: https://g.foolcdn.com/editorial/images/724896/gettyimages-listening-to-music.jpg

Spotify (NYSE: SPOT) thinks it can reach 1 billion users by 2030, and it's nearly halfway there after a stellar 2022.

The streaming music leader added over 80 million new listeners last year, up 20% and accelerating growth from 2021. Spotify is seeing particular strength in a few key areas that bode well for the future listener, subscriber, and earnings growth of the company. Here are three factors behind the company's massive 2022 and what they mean for investors moving forward.

Spotify added nearly 60 million ad-supported listeners during the year.

Source Fool.com

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