Spotify India narrows net loss in FY23

Audio streaming giant Spotify’s India unit narrowed its net loss by 26% to ₹344 crore in the financial year ended March 2023, according to the company’s financial data sourced from business intelligence platform Tofler.

Spotify India LLP, a wholly owned subsidiary of Sweden’s Spotify AB, grew its revenue by 86% to ₹167 crore. Expenditure fell 9% to ₹504 crore. The platform’s subscription revenue jumped 66% to ₹88 crore, while ad revenue surged 91% to ₹63 crore.