Spotify has reported its performance for the third quarter of 2024, with total Monthly Active Users (MAUs) increasing by 11% from the same period last year to 640 million accounts. Of these accounts, 252 million are premium subscriptions, showing a 12% growth. Revenue also saw a significant rise of 19% to 3.988 billion euros, with a net profit of 300 million euros.
CEO and co-founder of Spotify, Daniel Ek, expressed gratitude towards the team for reaching a formidable position that the company has never been in before. He mentioned that the company is now closer to its set goals, attributing this success to innovation and delivering value to users that stands out in the industry.
Noteworthy features introduced by Spotify in the previous quarter include expanding music video viewing to 97 countries, launching AI DJ in Spanish for 18 countries, and adding countries utilizing the AI Playlist feature.
TLDR: Spotify sees an increase in MAUs, premium subscriptions, revenue, and net profit in the third quarter of 2024. CEO Daniel Ek acknowledges the company’s progress and highlights recent innovative features introduced.
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