US EditionSpotify predicts strong quarter after cost cuts power first annual profit
- Spotify Technology reported its first annual profit and forecasts quarterly earnings above Wall Street estimates.
- The company expects operating income of 548 million euros, surpassing analysts' estimates of 450.6 million euros.
- Spotify added 35 million monthly active users, bringing the total to 675 million, exceeding expectations.
- CEO Daniel Ek announced plans for personalized offerings, including a new premium tier called 'Superfans of Music.
49 Articles
49 Articles
Streaming giant Spotify turns an annual profit for first time
The NewsSpotify recorded its first annual profit in its 16-year history after adding paid subscribers and cutting costs. The Stockholm-based streaming giant has expanded its offering beyond music into podcasting — it hosts , the world’s most successful show — audiobooks, and, increasingly, video. Spotify reported a 140% increase in the number of viewers who watch filmed recordings of the US’ 50 most popular podcasts. The surge underscores podcas…
CHRONICLE. The Swedish firm announced its first annual profit on Tuesday and confirms that it is the greatest European success for the general public in tech, the only company from the Old Continent to be the world leader in a sector dominated head and shoulders by American giants, observes Philippe Escande, economic columnist at “Le Monde”.
Spotify has been shaping the music business for years. For a long time, however, the streaming service made losses and was seen as a bet on the future. In 2024, it was able to announce positive figures all year round.
Spotify Just Turned an Annual Profit for the First Time Ever
Wise men including but not limited to Elvis Presley say only fools rush in, and Spotify has certainly taken its sweet time achieving profitability. On Tuesday, the streaming colossus reported its full-year results for 2024, revealing it turned its first-ever annual profit to the tune of €1.14 billion ($1.2 billion). It’s the first real glimpse we’ve had of annual profitability for a major music streamer, as many of Spotify’s biggest competitors …
Spotify is growing faster than expected. The trend has made CEO Daniel Ek even more convinced that the number of monthly Spotify users will break the billion mark within a few years. “Before 2030. I’m sure of that,” he says.
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