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.
