Karachi, November 13, 2024: Last night, Spotify released its Q3 2024 earnings, continuing to showcase its strong performance as the most popular audio streaming subscription service.
For the quarter ended in September 2024, Spotify’s monthly active users grew 11% Y/Y to 640 million. At the same time, the number of subscribers overall also climbed 12% Y/Y to 252 million depicting brand love and discovery among music listeners across the world.
Spotify’s financial performance continues to hold steady as well during the year with total revenue going up 19% Y/Y to €4 billion. The platform reported record-high gross margin, expanding to reach 31.1%, while Gross Profit continued to surpass €1 billion for the second quarter in a row. Operating Income also improved to a new quarterly high of € 454 million.
Daniel Ek, Spotify Founder & CEO, said, “We’ve never been in a stronger position, thanks to the outstanding execution by our team. I’m incredibly proud of the way we’ve delivered and the progress we’ve made. We’re where we set out to be—if not a little further—and on a steady path toward achieving our long-term goals. This relentless pursuit of innovation and commitment to growth sets us up to deliver the most valuable user experience in the industry, while reinforcing the core strengths that make Spotify unique. I am very excited about what lies ahead for us.”
Review the full earnings release here. Watch here Spotify’s CEO, Daniel Ek, and their new CFO, Christian Luiga, share their takes on the performance this quarter.
About Spotify
Spotify transformed music listening forever when we launched in 2008. Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators. Everything we do is driven by our love for music.
Discover, manage, and share over 100 million tracks, for free, or upgrade to Spotify Premium to access exclusive features including improved sound quality and an on-demand, offline, and ad-free music listening experience.
Today, we are the world’s most popular audio streaming subscription service with a community of more than 640 million users, including 252 million Spotify Premium subscribers, across more than 180 markets. We are also the largest driver of revenue to the music business today. https://newsroom.spotify.com/.
