Karachi: 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 111% 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.
