

Spotify hits 246 million premium subscribers and records largest quarterly profit
In Q2, Spotify has increased their premium subscribers surging to 246 million, driving the company to achieve its highest quarterly profit ever for the period ending in June. This milestone highlights the platform’s continued growth and financial success.
According to the latest financial reports from Spotify in Q2 2024, the company’s premium subscribers increased by 12% year-over-year, reaching 246 million. Marking a 7 million net increase from the 239 million subscribers reported at the end of Q1 2024.
As stated by Music Business Worldwide and the reports, Spotify’s total monthly active users, including both paying and ad-supported accounts, increased by 14% year-over-year to 626 million. Regarding revenue, Spotify showcased their premium subscribers earnings climbed 22% year-over-year, totaling €3.351 billion. The company’s Ad-Supported Revenue for Q2 2024 reached €456 million reflecting a 12% year-over-year increase at constant currency.
With these impressive statistics, the total quarterly revenue, combining premium and ad-supported streams, amounted to €3.807 billion which is showing an increase of 21% year-over-year. CEO Daniel Ek highlighted the company’s ongoing innovation and strong business performance, stating:
“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. We are doing so on a timeline that has exceeded even our own expectations. This all bodes very well for the future”
Looking ahead, Spotify forecasts an operating income of €405 million for Q3 and total revenue of €4 billion. Be sure to stay updated with our updates regarding Spotify here and let us know if you are a Spotify user in the comments below.
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