Spotify (NYSE:SPOT) recorded a net loss of 302 million euros in the second quarter, up 142% in losses over the same period of 2022.

The company points out that it reached 551 million users at the end of June, a growth of 27% in the year, above the proposed target. The net addition of 36 million new users was a record for Spotify. Paid package subscribers increased 17% over the same period to 220 million.

According to the company, there was a retraction of 0.47 percentage points in its gross margin in one year, to 24.1%, impacting the financial result, reflecting the internal restructuring initiatives to reduce personnel and content production that have been carrying out in recent months.

For the third quarter, Spotify expects to record revenues of 3.3 billion euros and reach the milestone of 572 million users on its platform, with 224 million paid subscribers.

Gross margin should improve to 26% and the loss should decrease with the reduction of restructuring costs.

Subscriptions to the Spotify music streaming service will be readjusted starting this Monday (24th) in 53 countries.

“So that we can continue to innovate, we are changing our Premium pricing in several markets around the world,” the company said in a statement. “These updates will help us continue to deliver value to fans and artists on our platform.”
World leader in streaming audio, with more than 30% market share – more than double that of second place, Apple Music, according to data from German consultancy Statista.