Spotify Hits Record Quarterly Profit with 239M Subscribers

 

Spotify achieved significant growth in Q1 2024, with its Premium Subscriber base increasing to 239 million, up by 3 million from the previous quarter. This growth contributed to the company’s largest ever quarterly profit, highlighting its robust business model and successful monetization strategies.

 

Expanding Global Reach

The streaming giant saw a 14% year-over-year increase in Premium Subscribers, driven by strong performance across all regions and popular family and duo plans. This global expansion is a testament to Spotify’s effective market penetration and its ability to attract diverse user demographics.

 

Financial Highlights and Future Outlook

Spotify’s total quarterly revenue reached €3.636 billion, up 21% year-over-year, with a notable increase in both Premium and ad-supported revenues. The company also reported an impressive gross margin of 27.6% for the quarter. Looking forward, Spotify expects to continue this growth trajectory, aiming for 245 million Premium Subscribers and a projected operating income of €250 million for Q2.