Spotify, one of the most popular digital music platforms in the world, has completed a full financial year for the first time since its establishment in 2008. Sharing its financial results for 2024, the company announced that it has made a net profit of 1.14 billion euros throughout the year. This points to a significant transformation after the company’s 532 million euros announced in 2023.
Spotify’s annual income also increased significantly. The total revenue, which was 13.2 billion euros in 2023, reached 15.6 billion euros in 2024 and an increase of 18 percent. One of the biggest reasons for this rise in revenues was the growth of premium subscriptions. Spotify announced that the number of paid subscribers increased by 11 percent to 263 million compared to the previous year. In addition, the monthly active users of the platform increased by 12 percent and reached 675 million.
Spotify said that his profit in 2024 is possible thanks to the increase in income, as well as various cost controls and price policies. Although the company increases the premium subscription prices twice in 11 months, it has achieved significant growth aside from experiencing subscriber loss.
In July 2023, the premium subscription price was increased from $ 9.99 to $ 10.99. This was the first price increase since 2011. In June 2024, a second hike was made and the price was increased to $ 11.99. Similar price increases took place in Europe and other markets. However, it was observed that the interest in the platform did not decrease thanks to users’ music listening habits and the features of Spotify.
Spotify has launched new features such as artificial intelligence -supported playlists and audio books to improve the user experience during 2024. However, a long -awaited lossless sound quality has no official explanation for the “Hifi” option.
Hopeful from Spotify 2025
Daniel Ek, Spotify CEO, said the company’s expectations for 2025 were positive. EK said, “We are in a strong position in terms of both product and business model. We will continue to take steps to create long -term effects. We will increase our speed by maintaining our productivity. This combination will enable us to offer the best user experience, grow in a sustainable way and bring creativity to the world. ”
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