Spotify: quarterly revenue worldwide 2024| Statista

With music streaming not slowing down on its conquest to revolutionize the way we consume music, is the same to say about the companies that are leading the change? For Spotify, it looks like yes. The Swedish streaming giant has seen an overall increase in quarterly revenue since its foundation by CEO Daniel Ek in 2006. In the fourth quarter of 2024, the company accumulated a revenue of 4.24 billion euros. This number is also reflected in the ever-increasing number of subscribers, rising from 236 million premium subscribers in the Q4 of 2023 to 263 million in the following year. The annual revenue also reached the highest number so far in 2024, with the company generating a whooping over 15 million euros, reflecting the streaming site’s dominance on the music streaming market.

Spotify’s record operating income in 2024

Despite its success as a global streaming leader, Spotify had reported significant operating losses for six consecutive quarters starting in late 2021, peaking at a record 156 million euros in the second quarter of 2023. These losses were largely attributed to heavy investments in platform development, acquisitions—particularly in the podcast sector—and rising research and development spending, which totaled 1.73 billion euros in 2023. However, the company began to recover in 2024, marking a major financial milestone with a record operating income of 1.37 billion euros for the year, including 266 million euros in the second quarter alone. This turnaround was driven by strong revenue growth, cost optimization strategies, and a surge in premium subscriptions. Spotify’s return to profitability was further confirmed by its first-ever annual net profit of 1.14 billion euros in 2024, following net losses of 532 million euros in 2023 and 430 million euros in 2022.

Market competitors

In recent years, Spotify has been dominating the market, expanding the distance between itself and other competitors. With a 31.7 percent share of streaming subscribers, the Swedish company is way ahead of other streaming sites such as Apple Music, with a share of 12.6 percent. Nonetheless, newer streaming services are still entering the market: the French streaming site Deezer, for example, decided to go public in the second half of 2022 and generated a gross profit of 110.1 million euros in 2023. Developments like this show that despite the streaming market being very competitive, there might still lie potential for growth in terms of user penetration but also different streaming services.