Spotify’s total revenue increased by 20% according to their first quarter

Spotify have released their Q1 results. In the first second of 2024, Spotify’s MAU (monthly active users) have grown, along with their subscribers and revenue. It looks like these statistics will continue to increase throughout the year.

Spotify's total revenue increased by 20% according to their first quarter. Spotify's infographic showing their Q1 results.

Spotify have released their latest infographic displaying their statistics so far in 2024. It seems again the streaming store is off to a great start. They have invested in their product so much over the past few years, so having successful numbers form off the back of these investments must be a really positive feeling for the platform.

Within 2024 so far, Spotify have MAU have grown. They have risen to 615 million, which is a 19% increase YoY. The number of paid subscribers has risen to 239 million. Again a growth, this time of 14% YoY. These two statistics go hand-in-hand. With active users growing each month, it’s no surprise people are therefore subscribing.

One of the best outcomes for Spotify is their 20% increase in total revenue. Again, this was compared with the previous year. Their gross margin reached 27.6% and their operating income has improved. Now, reaching €168 million. Spotify has previously stated that 2024 would be a year for monetising. It seems this is playing out to be true.

Daniel Ek, the CEO and co-founder of Spotify, went on to say, “I feel good about the changes we are implementing and remain very confident in our ability to reach the ambitious plans we’ve outlined.” While some of their launches have seemed small fry, for example their Physic music selection feature. It’s these little things that add up to the greater things.

We’re interested to see how Spotify continues to grow and what Daniel Ek means when he says they have ambitious plans outlined. After all, we have already seen the rise in podcasts and audiobooks. What could the company be planning next? We have no doubt we will see something big appear again before the end of the year. sign up for free GIF
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