Spotify finally turned a profit for a full year

Spotify raked in sufficient money and new subscribers in 2024 to rejoice its first full yr of profitability because the service was launched in 2008. The announcement comes as a part of Spotify’s fourth-quarter earnings release, with web earnings at €1.14 billion (round $1.17 billion) for the entire of 2024, in comparison with the €532 million (round $549 million) in losses reported final yr.

Spotify mentioned in November that it was on monitor to hit its profitability milestone. Complete yearly income grew to €15.6 billion (about $16.1 billion) from the €13.2 billion (about $13.6 billion) reported for 2023. That was pushed partly by an 11 p.c year-over-year improve in Premium subscribers, leaping from 236 million to 263 million, whereas the entire variety of month-to-month lively customers rose 12 p.c to 675 million.

“I’m very enthusiastic about 2025 and really feel actually good about the place we’re as each a product and as a enterprise,” says Spotify CEO Daniel Ek. “We are going to proceed to position bets that can drive long-term impression, rising our pace whereas sustaining the degrees of effectivity we achieved final yr. It’s this mixture that can allow us to construct one of the best and most dear consumer expertise, develop sustainably, and deliver creativity to the world.”