Spotify has reported its first quarter performance in 2024 which continues to show growth in both revenue and the number of subscribers. The operations have been promising with profitability reaching a record high in the quarter. Key figures include:
– Monthly Active Users (MAUs) have increased by 19% from the same period last year, totaling 615 million accounts.
– Premium subscribers have grown by 14%, reaching 239 million accounts, with a majority opting for Family and Duo packages.
– Total revenue has increased by 20%, amounting to 3.636 billion euros.
– Record high profitability from operations at 168 million euros (equivalent to 4.6% of revenue).
In the past quarter, Spotify introduced several new features such as music videos, the Song Psychic feature, and a new Audiobook package in the US, among others.
Source: Spotify
TLDR: Spotify’s first quarter results in 2024 show continuous growth in revenue and subscribers, with new features introduced to enhance user experience.
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