Spotify Reports Record-Breaking Growth in Q3 2024 with 19% Revenue Surge

Spotify, the world’s leading audio streaming subscription service, has released its Q3 2024 earnings report, showing continued growth in users, subscribers, and financial performance. For the quarter ending September 2024, Spotify’s monthly active users (MAUs) rose by 11% year-over-year (Y/Y) to reach 640 million, highlighting the platform’s global popularity and steady increase in music and podcast listenership. Premium subscribers also surged, with a 12% Y/Y rise, totaling 252 million subscribers worldwide.

The company’s financials for Q3 showed equally robust results, with total revenue climbing by 19% Y/Y, amounting to €4 billion. This growth underscores Spotify’s strong appeal among listeners and advertisers alike, as the platform continues to innovate and enhance its user experience. Additionally, Spotify’s gross margin hit a record 31.1%, while Gross Profit surpassed €1 billion for the second consecutive quarter. Operating Income reached an all-time high at €454 million, setting the company on a solid path toward achieving its financial objectives.

Daniel Ek, Spotify’s Founder & CEO, attributed the strong quarter to the team’s commitment and strategic execution. “We’ve never been in a stronger position, thanks to the outstanding execution by our team. I’m incredibly proud of the way we’ve delivered and the progress we’ve made,” Ek commented. “We’re where we set out to be—if not a little further—and on a steady path toward achieving our long-term goals. This relentless pursuit of innovation and commitment to growth sets us up to deliver the most valuable user experience in the industry, while reinforcing the core strengths that make Spotify unique. I am very excited about what lies ahead for us.”

These strong Q3 results reflect Spotify’s commitment to expanding its user base, introducing new features, and continually enhancing its content library to attract diverse audiences. As Spotify looks to the future, the company remains focused on innovation and long-term growth, strengthening its position as a leader in the audio streaming industry.