Advertisement
News

Spotify Reports Strong Financial Growth with 19% Revenue Surge

Advertisement

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.

Advertisement
News Desk

Recent Posts

Federal Government Plans 25% Salary Hike and New Allowances for Employees

The federal government is set to implement significant salary increases and new allowances for its…

2 days ago

Full Justice for May 9 Riots Dependent on Punishing Masterminds: ISPR

Complete justice over the May 9 incidents would be served when the masterminds and planners…

2 days ago

CCP Fines Karachi Dairy Associations for Collusion in Milk Price Hikes

The Competition Commission of Pakistan (CCP) has levied fines on dairy associations in Karachi for…

2 days ago

AKU’s Dr Zulfiqar Bhutta Honoured Globally

In a proud moment for Pakistan and the global healthcare community, Dr Zulfiqar Ahmed Bhutta,…

2 days ago

OGRA Reduces LNG Prices for December

The Oil and Gas Regulatory Authority (OGRA) has announced a reduction in liquefied natural gas…

2 days ago

Trudeau’s Government on Brink of Collapse as NDP Pledges No-Confidence Motion

Canadian Prime Minister Justin Trudeau is on the verge of losing power after New Democratic…

2 days ago