In the second quarter of 2024, Spotify reported a notable increase in their Monthly Active Users (MAUs) to 626 million accounts, with 246 million being paying subscribers. Financial figures revealed a total revenue of 3.807 billion euros, marking a 20% growth from the previous year. Membership fees accounted for 3.351 billion euros, while advertising revenue contributed 456 million euros. The initial profit margin stood at 29.2%, with a net profit of 274 million euros.
Spotify attributed the user growth to a global increase in users and the higher profit margin to lucrative music and podcast content. Additionally, Spotify shared intriguing statistics, such as Brazilian artists experiencing a surge in discovery and recommendations on the platform, with over 10 billion first-time listens to Brazilian music. The revenue share increased by 600%, and in the European region, non-English language songs received a 55% revenue share.
Source: Spotify
TLDR: Spotify’s Q2 2024 report highlights significant user growth, revenue increase, and success in promoting international artists on its platform.
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