Spotify has unveiled its financial results for the fourth quarter of 2024.
Monthly Active Users (MAUs) at the streaming giant increased by 12% year-on-year to 675 million. MAU net additions of 35 million marked the largest Q4 in Spotify’s history and exceeded guidance by 10m.
Subscriber numbers increased 11% to 263m, surpassing guidance by three million.
Total revenue was up 16% year-on-year to €4.2 billion. Revenue of was ahead of plan due to favourable currency movements and the “underlying strength in the business”, according to Spotify.
Operating Income finished at a record high of €477 million, driving Spotify’s first full year of profit to €1.4 billion. The quarterly profit was slightly below guidance due to the impact of higher payroll taxes.
Spotify paid out a record $10 billion in royalties to the music industry in 2024.
The 10th annual Wrapped campaign delivered double-digit year-on-year growth in user engagement across 184 markets.
“I am very excited about 2025 and feel really good about where we are as both a product and as a business,” said Daniel Ek, Spotify founder & CEO. “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.”