Spotify released their third quarter earnings for the year of 2024. They’ve seen a lot of growth and their highlights show they’ve beaten their targets.
With the third financial quarter of the year coming to an end, Spotify released information on how the company has performed throughout. They’ve seen huge growth, which isn’t a surprise, as they continue to expand as each year goes on.
Their monthly active users have risen 11% YoY, reaching 640 million. Likewise, their subscribers have grown by 12% YoY and Spotify now have 252 million users paying for a monthly subscription. That’s quite the moneymaker for the streaming platform.
The total revenue for Spotify is up by 19% YoY (year-on-year). This revenue reached €4 billion. Their gross margin hit 31.1% and their operating income improved, hitting €454 million. Spotify are absolutely a company that put back what they earn.
This means, for everything they earn, they spend money on expanding their features and creating new options for their users. Overall, making the user experience much better. They’re on the right path to continue this growth into next year and beyond.
“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.”
Daniel Ek, Spotify Founder & CEO
The infographic above shows a variety of ways users can get involved with features Spotify offers. There are various ways to engage and support your favourite artists, all while having fun within the app itself. No need to be redirected elsewhere.
