2024 was a banner year for Spotify in both usage and in revenue, as the audio company saw record-breaking profits for the fiscal year.
The number of monthly active users rose by 35 million in the fourth quarter, 10 million more than expected. Worldwide, the company now has 675 million active users. Spotify now has 263 million premium subscribers after adding 11 million during the fourth quarter. The company beat its premium subscriber projections by more than 3 million users.
For 2024, the company saw 16% revenue growth to over $4.3 billion USD. Operating income for the fourth quarter finished at $495 million USD, ending the year with its first full year of operating income earning a profit of $1.5 billion USD.
“I am very excited about 2025 and feel really good about where we are as both a product and as a business,” said Spotify founder and CEO Daniel Ek. “We will continue to place bets that will drive long-term impact, increasing our speed while maintaining the levels of efficiency we achieved last year. It’s this combination that will enable us to build the best and most valuable user experience, grow sustainably, and deliver creativity to the world.”
The company added that there are now more than 330,000 video podcasts on Spotify, which more than 270 million users between its free and subscription tiers are consuming.
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