Spotify achieved its largest quarterly profit in history in the second quarter of 2024.
According to Music Business Worldwide, Spotify reported a total quarterly revenue of $4.098 billion in Q2 2024, achieving a record-high operating profit of $286.4 million.
Spotify attributed its success to the addition of seven million new premium subscribers and five million new ad-supported subscribers. As of today, the streaming service has a combined 626 premium and ad-supported users across its platform.
Per Music Business Worldwide, Spotfiy’s operating income also reflected its “lower personnel and related costs,” which was the result of the company’s decision to slash 17% of its global workforce in December 2023.
Related Video
News of Spotify’s record profits will no doubt add fuel to the criticism the streamer has received from artists and creatives over lackluster royalties and other payout concerns. The Mechanical Licensing Collective recently filed a lawsuit against Spotify over allegations that the the company cheated songwriters out of $150 million of royalties by reclassifying certain Premium services as bundles.
Meanwhile, back in June Spotify CEO Daniel Ek came under fire after bizarrely claiming that creating “content” costs “close to zero.”
