Spotify reports a move closer to full year of profitability
Q3 2024 earnings from Spotify show that the company is on track for a full year of profitability, it says.
This latest report shows the company has outperformed across its key metrics with total revenue up 19% year on year to €4 billion.
Monthly active users on the platform grew by 11% to 640 million and subscribers increased by 12% to 252 million compared to the same period last year.
With the increase in total revenue reported, the gross margin reached 31.1% and operating income improved to €454 million for the company.
Daniel Ek, Spotify Founder & CEO said: “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. 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.”