Streaming service Spotify ended 2024 with 675 million monthly active users, including 263 million subscribers, according to its latest financial results.
Growth in both categories fuelled the company’s move out of the red, as it reported an operating profit for the full year of €1.37bn ($1.42bn at current exchange rates). This compares to an operating loss of €446m in 2023.
That was based on annual revenues of €15.67bn, up 18.3% year-on-year. During 2024 Spotify added 73 million net new users, including a quarterly record of 35 million in Q4 alone.
Meanwhile, the company’s premium subscribers grew by 27 million last year, including 11 million net additions in the final quarter of the year.
Q4 saw Spotify outperform its guidance to analysts, reporting 10 million more users and three million more subscribers than it had predicted at the start of the quarter.
The geographic distribution of Spotify’s users continues to shift slowly away from Europe and North America towards other parts of the world. Latin America and ‘Rest of World’ combined now account for 56% of Spotify’s users, up from 41% five years ago.
Over that time, the percentage of its users who are in Europe has fallen from 35% to 27%, and those in North America from 24% to 17% – although the number of users in those markets has continued to grow.
The financials follow Spotify’s announcement last month that it paid out $10bn to the music industry in 2024, up from $9bn the previous year.
