Spotify users top 626M, subscribers 246M as profits hit new high
Spotify users top 626M as the streamer announced Q2 2024 earnings led by healthy user growth, stronger monetization, and record profitability.
A key highlight is the growth in Monthly Active Users, which increased 14% year over year to reach 626 million.
Paid subscribers also increased by 12% year-over-year to 246 million, demonstrating sustained growth in the user base. This growth in user numbers contributed to a 20% year-over-year increase in Total Revenue, which amounted to $4.1 billion.
Notably, Spotify’s Gross Margin reached 29.2%, reflecting the company’s improved monetization strategy. Additionally, the Operating Income showed significant improvement, reaching €266 million.
Highlights
- Monthly Active Spotify users top 626M grew 14% Y/Y to 626 million.
- Subscribers increased 12% Y/Y to 246 million.
- Total Revenue was up 20% Y/Y to €3.8 billion.
- Gross Margin reached 29.2%.
- Operating Income improved to €266 million.
“It’s an exciting time at Spotify. We keep on innovating and showing that we aren’t just a great product, but increasingly also a great business,” said CEO Daniel Ek. “We are doing so on a timeline that has exceeded even our own expectations. This all bodes very well for the future.”
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.
