The streaming giant's stock rose after beating expectations on two closely watched metrics: subscriber growth and gross margins.
Daniel Ek also signals a shift to "becoming more efficient" following a period of heavy investment.
Despite an improved gross margin, the company's operating loss deepened due to an increase in marketing spending and "significant investments" in headcount.
Upbeat third-quarter results defied a mostly bleak earnings season for other sectors.
WMG's fourth quarter revenues grew 16% overall on strong recorded music and publishing growth.
National advertisers reduced marketing spending to mitigate economic headwinds in the second quarter, according to Cumulus Media CEO Mary Berner.
Expenses also surged $88 million on live events costs and MSG Sphere construction.
Reporting its third-quarter earnings, the company raised its full-year fiscal 2023 growth forecast.
Ryman Hospitality Properties' entertainment segment should “flourish as a standalone, separate entity,” said CEO Colin Reed.
Growth in self-pay subscribers helped push quarterly revenues higher, offsetting increased content costs.
