Spotify saw its global Premium Subscriber base grow to 246 million paying users in Q2 - and posted its biggest-ever quarterly profit in the three months to the end of June.
That's according to the company’s latest financial results (for Q2 2024), filed today, in which Spotify reported that its Premium Subscriber base was up 12% YoY, and up by 7 million net subscribers on the 239 million that SPOT counted at the end of the prior quarter (Q1 2024).
Subscriber net additions of 7 million were 1 million ahead of guidance, according to Music Business Worldwide.
"Our business continued to perform well in Q2, led by healthy subscriber gains, improved monetization and record profitability," said Spotify in its investor presentation on Tuesday.
Spotify’s total number of Monthly Active Users, which combine paying users and ad-supported users, grew 14% YoY to 626 million.
That was up 11 million MAUs from the 615 million reported for the prior quarter (Q1 2024), but below guidance by 5 million (Spotify forecast that it would reach 631 million MAUs in Q2).
Spotify’s Ad-Supported Revenue in Q2 2024 was $490.97), up 12% YoY at constant currency, reflecting double-digit Y/Y growth across all regions.
Spotify generated $4.098B in total quarterly revenue (including Premium and ad-supported), which was up 21% YoY at constant currency.
In terms of profitability, Spotify posted a "record high" operating income of $286.402M in Q2, which, according to Spotify, reflected "lower personnel and related costs and lower marketing spend".
“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,” said CEO Daniel Ek.
“We are going so on a timeline that has exceeded even our own expectations. This all bodes very well for the future.”
No comments:
Post a Comment