Spotify passes 500M users, but its premium-to-free ratio is falling

Spotify now has 515 million monthly active users (MAUs), representing a 5% increase on the previous quarter and 22% increase on the corresponding period last year.
This is the first time Spotify has claimed a user base in excess of half-a-billion users, with 210 million premium subscribers and 317 million on the ad-supported plan.
This represents a ratio of 40% paid-to-free listeners, a ratio that seems to be falling. For comparison, Spotify’s premium subscribers constituted 46% of its overall user base in 2019, falling to 45% in 2020, 44% in 2021, and 43% last year.
It’s not clear

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