Making mass layoffs as part of cost-cutting measures Spotifyannounced that it made a record profit in the second quarter of 2024.
The company announced that it increased the total number of Premium subscribers to 246 million by gaining 7 million paid subscribers in the current period, but still fell short of its target for the total number of monthly users.
Spotify Total Number of Subscribers Reached 246 Million
Spotify reported revenue of 3.81 billion euros and a net profit of 274 million euros for the quarter, compared to a net loss of 302 million euros in the same period last year. The company’s operating costs decreased by 16%, driven by reductions in personnel and marketing expenses. Gross margin was 29.2% this year, compared to 24.1% last year.
Spotify shares rose more than 12% following its second-quarter earnings announcement. The company’s ad-supported revenue grew by 13%. Music advertising, with the increase in impressions and price increases; Podcast advertising revenue was supported by the growth of original and licensed podcasts.
Spotify CEO Daniel Ek shares his thoughts: “It’s an exciting time at Spotify and we continue to show that we’re a great business. We’re doing this on a timeline that exceeds even our own expectations. This all bodes well for the future.” He stated:
How to View and Delete Spotify Listening History?
How to view and delete the listening history of Spotify, the world’s most popular music and podcast listening application? Let’s see together.
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