Spotify announced that it made a full-year profit for the first time since its establishment in 2024. The company announced a total net profit of 1.14 billion euros (approximately $ 1.17 billion) for the year. Spotify, which announced a loss of 532 million euros (approximately $549 million) in 2023, managed to reach profitability by increasing its revenues.
Spotify announced a full year profit for the first time in 2024!
Spotify’s total revenue for 2024 increased to 15.6 billion euros (approximately $ 16.1 billion). Announcing revenue of 13.2 billion euros (approximately $ 13.6 billion) in 2023, the company recorded an increase of 18 per cent year-on-year.
The number of Spotify Premium subscribers increased from 236 million in 2023 to 263 million in 2024. The total number of monthly active users of the company, which recorded an annual growth of 11 per cent, increased by 12 per cent to 675 million.
Spotify increased Premium subscription prices in 2023. Raising the price from $ 9.99 to $ 10.99 in the US in July, the company raised the price to $ 11.99 in June 2024. Despite the increased prices, the number of Premium subscribers continued to rise.