Stockholm: Spotify has announced robust financial results for the second quarter of 2024, marked by significant increases in monthly active users, subscribers, and overall revenue, contributing to a record profitability for the period.

According to Spotify, the music streaming giant saw its monthly active users increase by 14% year-over-year, reaching 626 million. The number of subscribers also grew by 12%, totaling 246 million. This growth propelled the company’s total revenue up by 20% year-over-year to €3.8 billion. Additionally, Spotify achieved a gross margin of 29.2% and reported an operating income of €266 million.

CEO Daniel Ek expressed enthusiasm about the company's performance, noting, “It’s an exciting time at Spotify. We keep on innovating and showing that we aren’t just a great product, but increasingly also a great business,” and added that the results have surpassed their expectations, setting a positive outlook for the future.