For the first time since its launch in 2006, Spotify has closed a financial year in profit, reporting a net income of €1.1 billion for 2024. This milestone marks a dramatic shift from the €532 million loss recorded in 2023 and reflects strong revenue growth, rising subscriptions, and strategic cost management.
The company’s annual revenue surged 18% to €15.7 billion, driven by an 11% increase in paid subscribers, bringing the total to 263 million users. Additionally, Spotify raised subscription prices in several major markets, including the United States, further boosting profitability.
Spotify’s fourth quarter proved particularly strong, with the platform adding 35 million new active users 10 million more than expected. This spike translated into an operating profit of €477 million, a stark contrast to the €75 million loss posted during the same period in 2023.
In its financial report, Spotify also highlighted its impact on the music industry, stating that it paid out €9.6 billion to rights holders in 2024, bringing total payouts since its inception to €58 billion.
Beyond music, Spotify continues to expand into audiobooks. Since launching in 2023 in English-speaking markets, including the U.S., Canada, the U.K., and Australia, the company has sold 350,000 individual audiobooks. The service, which now offers over 200,000 titles, expanded into French-speaking and Dutch-speaking regions last fall, including Belgium.
Spotify’s podcast division also remains a key growth driver, with over 500 million users having listened to a podcast on the platform.