Spotify Revenue Surges 20% to €3.6 bn in Q1 2024 Powered by 615 mn users

Spotify, the popular digital music streaming platform, disclosed its notable achievements for the first quarter of 2024.
SpotifyAccording to Spotify’s earnings report, the platform experienced a significant surge in its monthly active users, marking a 19 percent increase to reach 615 million users.

Concurrently, the number of Spotify paid subscribers saw a commendable uptick, rising by 14 percent to 239 million subscribers.

Financially, Spotify exhibited robust performance, with revenue climbing by 20 percent to €3.6 billion in Q1 2024.

Additionally, the digital music platform achieved a noteworthy gross margin of 27.6 percent, further highlighting its financial resilience and operational efficiency. Furthermore, Spotify’s Operating Income showed a positive trend, advancing to €168 million during the first quarter.

Spotify’s co-founder and CEO, Daniel Ek, expressed his satisfaction and outlined the company’s strategic focus moving forward. “We’ve talked about 2024 as the year of monetization and we’re delivering on that ambition. As we’ve shifted to focus on strong revenue growth and margin expansion, we see a clear opportunity to ensure we are also continuing to grow the top of our funnel.”

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