Spotify has reported its first full year of profitability since its founding in 2008, with net profits of €1.14 billion (approximately US$1.17 billion) for 2024.

This is a marked improvement from the €532 million (around US$549 million) loss the company experienced the previous year.

The music streaming platform’s total annual revenue reached €15.6 billion (US$16.1 billion) in 2024, up from €13.2 billion (US$13.6 billion) in 2023.

Premium subscribers increased by 11% year-over-year, growing from 236 million to 263 million. Meanwhile, monthly active users rose by 12% to 675 million.

Recent Spotify developments