Headline

Spotify Surpasses 600m Monthly Users

Published

2 years ago

February 6, 2024

Music streaming giant, Spotify on Tuesday, said it passed 600 million monthly users at the end of 2023, and that it was expecting a profitable first quarter of 2024.

“Spotify had a very strong quarter, rounding out a great year of truly remarkable growth across the company,”

The Chief Executive Officer of Spotify, Daniel Ek, said in a post to X on Tuesday after the company published its fourth-quarter earnings.

At the end of 2023, the company had 602 million monthly active users, an increase of 23 per cent compared to a year earlier.

The company also saw a 15 per cent rise in paying subscribers, which make up the bulk of the company’s revenue, to 236 million.

For the year, Spotify reported revenues of 13.2 billion euros ($14.2 billion), up from 11.7 billion euros the year before.

The company still saw an operating loss of 446 million euros in 2023, however this was still an improvement over the operating loss of 659 million euros in 2022.

The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market.

In December, Spotify announced it would reduce its staff by around 17 per cent in a bid to reduce costs, which followed earlier cuts announced in January and June of 2023.

In July, the Swedish company, which is listed on the New York Stock Exchange, announced it was raising its prices for premium subscribers “across a number of markets around the world,” following in the footsteps of similar moves by competing music services from Apple and Amazon.”

Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

Last week, it announced it had renewed a deal with Joe Rogan, signing a “multi-year partnership” for his flagship chart-topping podcast.

For the first quarter of 2024, the company said it expects to reach 618 million MUAs and make an operating profit of 180 million euros.

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

4 hours ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

4 hours ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

4 hours ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.