Spotify has announced their third quarter 2024 earnings. They outperformed across key metrics, moving them one step closer to a full year of profitability. Take a look at the highlights below:
• Monthly Active Users grew 11% Y/Y to 640 million.
• Subscribers increased 12% Y/Y to 252 million.
• Total Revenue was up 19% Y/Y to €4 billion.
• Gross Margin reached 31.1%.
• Operating Income improved to €454 million.
“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,” said Daniel Ek, Spotify Founder & CEO,“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.”
Spotify’s platform revolutionized music listening forever when they launched in 2008. Today, more listeners than ever can discover, manage and enjoy over 100 million tracks, more than 6 million podcasts titles, and 350,000 audiobooks a la carte on Spotify. They are the world’s most popular audio streaming subscription service with more than 640 million users, including 252 million subscribers across 184 markets.
