Spotify, the world’s largest digital music app, shared its financial report for the third quarter of 2024, as it does every quarter. Thus, it was revealed how much revenue the company generated. So how much money did Spotify make?
Spotify monthly active users reached 640 million
Spotify announced remarkable growth figures in its recently published official report. The number of monthly active users of the application reached 640 million, an increase of 11 per cent compared to the previous year. The number of subscribers increased by 12 per cent to 252 million.
The company recorded an operating income of 454 million euros, with a gross profit margin of 31.1 per cent. Total revenue increased by 19 per cent compared to the previous year and reached 4 billion euros. All the details shared by the company are as follows:
- Number of monthly active users: Increased by 11 per cent compared to the previous year and reached 640 million.
- Number of subscribers: Increased by 12 per cent compared to the previous year and reached 252 million.
- Total revenue: EUR 4 billion, up 19 per cent year-on-year.
- Gross margin: 31.1 per cent.
- Operating income: 454 million euros.
Spotify Founder and CEO Daniel Ek made the following statement on the subject:
‘Thanks to the extraordinary execution of our team, we’ve never been in a stronger position. I’m incredibly proud of the shape we’ve delivered in and the progress we’ve made. We’re where we aim to be – and even a little further ahead – and we’re on a steady path to achieving our long-term goals. This relentless pursuit of innovation and commitment to growth allows us to deliver the most valuable user experience in the industry, while strengthening the core strengths that make Spotify unique. I’m very excited about what lies ahead.’
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