KARACHI, November 13 2024: Spotify, the world’s leading audio streaming subscription service, announced another robust quarter with its Q3 2024 earnings report, underscoring the platform’s global appeal and solidifying its position as the most widely used streaming service worldwide.
For the quarter ending in September, Spotify reported an impressive 111% increase year-over-year in monthly active users, bringing the total to 640 million. The number of Premium subscribers also rose, growing by 12% year-over-year to reach 252 million—a testament to Spotify’s ability to attract and retain paying customers across the globe.
Spotify’s financials showed equally strong results, with total revenue up by 19% year-over-year, amounting to €4 billion. The platform’s gross margin hit a record-high 31.1%, while Gross Profit exceeded €1 billion for the second consecutive quarter. Operating Income reached a new quarterly peak of €454 million, reflecting Spotify’s sustainable profitability and growth trajectory.
Daniel Ek, Spotify’s Founder and CEO, praised the team’s execution in a statement: “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.” Ek emphasized that Spotify’s relentless focus on innovation and commitment to growth positions it to deliver an unparalleled user experience, reinforcing its unique strengths.
For further insights, Spotify’s full earnings release and a video of CEO Daniel Ek and CFO Christian Luiga discussing the quarter’s performance are available on the company’s website.
