Spotify won't capture every single one of these users, but there is plenty of room to grow with just its core freemium and paid subscription offerings.
There are now three billion-plus smartphone users around the globe, the majority of which will want to listen to music or audio in some form. The company is able to grow its user base at a consistently high rate because of the ubiquity of its music and audio offering. And this year, MAUs grew 24% to 356 million in the first quarter - that's 186 million new users in just three years.
In the first quarter of 2018, total MAUs grew 30% year over year to 170 million.
Since going public in 2018, Spotify has put up impressive user growth.
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