On Wednesday, Suno CEO and co-founder Mikey Shulman posted about two new milestones for his AI music company on X: 2 million paid subscribers and $300 million annual recurring revenue (ARR).
This is double the subscriber count Billboard reported in November. According to Suno’s investor pitch deck, obtained by Billboard, Suno noted 1 million subscribers, up 300% year over year. It also noted that approximately 25% of subscribers remain after 30 days. On a weekly basis, Suno says it has 78% retention for subscribers and 39% weekly retention for all users.
Related
“We launched Suno 2 years ago to let the world feel the joy of making music,” Shulman wrote on X. “Since then, over 100M people all over the world have used Suno, from music lovers to Grammy winners. We reached a new milestone: 2M paid subscribers, $300M ARR.”
He continues, saying: “We are building the entertainment platform of the future. Endless scrolling and passive consumption have flattened culture and reduced people’s taste to a homogeneous, lowest common denominator. People yearn for more, and the future of consumer entertainment is creative. Suno lets everyone actively participate in music culture creation, bringing to life the music that’s inside millions of people. The future is creative entertainment.”
At the end of Shulman’s post, he notes that Suno is hiring. “If you love the nexus of technology and art, please get in touch.”
C.C. Gong, a principal with Menlo Ventures, which was the lead investor in Suno’s recent $250 million Series C funding round added her own thoughts on Shulman’s post on X, saying, “What’s remarkable isn’t that Suno makes music generation easy. It’s that it’s changing the default relationship people have with music. Creation improves consumption…. I’ve personally shifted most of my listening to Suno. I was so tired of Spotify giving me the same overplayed recommendations…[Suno’s technology represents] a fundamental shift, treating music as a catalog to music as a canvas.”
The announcement comes after a busy few weeks of news in AI music in general. Last week, AI remixing app Hook announced $10 million in a series A funding round and Google launched its latest AI music model, Lyria 3, which creates up to 30-second tracks as part of Gemini; On Monday, Feb. 23, Suno announced the hiring of Jeremy Sirota, former CEO of Merlin, as its new Chief Commercial Officer; On Tuesday, Feb. 24, a number of artist rights groups released an open letter titled “Say No to Suno,” criticizing the AI platform’s approach to training and downloads — and that same day Google announced the acquisition of AI music start-up ProducerAI.
