Spotify’s Q3 revenue grows 19pc

KARACHI: Spotify released its Q3 2024 earnings, showcasing its strong performance as a popular audio streaming subscription service.For the quarter ended September 2024, Spotify’s monthly active users grew 11 per cent year-on-year (YoY) to 640 million. At the same time, the number of subscribers also climbed 12 per cent YoY to 252 million, depicting brand love and discovery among music listeners worldwide.

Spotify’s financial performance also remained steady during the year, with total revenue increasing 19 per cent YoY to 4 billion euros. The platform reported a record-high gross margin, expanding to 31.1 per cent, while gross profit continued to surpass 1 billion euros for the second quarter in a row. Operating income also improved to a new quarterly high of 454 million euros.