Revenue for the streaming service Spotify in the third quarter of 2024 grew to €4 billion, a year-on-year increase of 19%, and operating profit reached a record of €454 million.
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In this way, the company will be able to close 2024 with profits for the first time. This will be the company’s first full year of profitability in 18 years since its founding.
The number of streaming monthly active users (MAU) has reportedly increased to 640 million people. This is 11% more than in the same period in 2023. The number of paid subscribers grew by 12% during the year, up to 252 million people.
“Our position is stronger than ever,” Spotify founder and CEO Daniel Ek commented on the financial results.
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The company director added that in 2025 Spotify will more actively take advantage of new technological opportunities. It is also planned to add premium versions of musical compositions for fans who value high sound quality.
Author:
Elena Likhanova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
