In a report released on Tuesday, Spotify announced its first annual profit and emphasized that it added 35 million new monthly active users during the last three months of 2024.
In the past quarter, the music streaming titan announced a record-breaking 675 million monthly users, marking the largest increase in active users ever for Spotify. Furthermore, the number of paid subscribers rose by 11% compared to the previous year, reaching 63 million. These figures surpassed the company’s own expectations.
In the last quarter of the year, total earnings increased by 16% compared to the same period the previous year, amounting to €4.2 billion. The quarterly operational profit peaked at €477 million, marking the highest quarterly figure. Significantly, the company’s first full year of operational income exceeded €1.4 billion.
Daniel Ek, Spotify’s founder and CEO, expressed his high enthusiasm for 2025 and confidence in both their product and business progress. He plans to keep making strategic moves that will have lasting effects, aiming to increase our pace while preserving the efficiency we demonstrated last year. By balancing speed and efficiency, we can create an exceptional user experience, grow steadily, and foster creativity globally.
Based in Stockholm, Sweden, Spotify’s shares are traded on the New York Stock Exchange as American depositary receipts (ADRs), with the trading symbol being SPOT.
More to come.
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2025-02-04 16:54