Last night, Spotify released its Q3 2024 earnings, showcasing its strong performance as the most popular audio streaming subscription service. For the quarter ended September 2024, Spotify’s monthly active users grew 11% year over year to 640 million. At the same time, the number of subscribers overall also climbed 12% year over year to 252 million, depicting brand love and discovery among music listeners worldwide.

Spotify’s financial performance also remained steady during the year, with total revenue increasing 19% year over year to €4 billion. The platform reported a record-high gross margin, expanding to 31.1%, while Gross Profit continued to surpass €1 billion for the second quarter in a row. Operating Income also improved to a new quarterly high of € 454 million.

Daniel Ek, Spotify Founder & CEO, said, “We’ve never been in a stronger position, thanks to the outstanding execution by our team. I’m incredibly proud of the way we’ve delivered and the progress we’ve made. We’re where we set out to be—if not a little further—and on a steady path toward achieving our long-term goals. This relentless pursuit of innovation and commitment to growth sets us up to deliver the most valuable user experience in the industry while reinforcing the core strengths that make Spotify unique. I am very excited about what lies ahead for us.”