KARACHI: Spotify’s financial performance continues to hold steady as well during the year with total revenue going up 19 percent YoY to €4 billion.
According to financial report for Q3CY24, earnings continuing to showcase its strong performance as the most popular audio streaming subscription service. Spotify reported record-high gross margin, expanding to reach 31.1 percent, 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.
Spotify’s monthly active users grew by 11 percent YoY to 640 million for the quarter ended in September 2024. At the same time, the number of subscribers overall also climbed 12 percent Y/Y to 252 million depicting brand love and discovery among music listeners across the world.
Copyright Business Recorder, 2024
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