Spotify, a Swedish company in the field of musical streaming, has announced that 2024 was the first year in which they made a profit, since they launched the application in 2008.
Photo: Shutterstock
According to the report published by Spotify on the revenues in the fourth quarter of 2024, the net profit obtained was 1.14 billion euros for all last year. In 2023, Spotify ended the year with losses of 532 billion euros, writes The Verge.
Also, the annual income increased to 15.6 billion euros, while in 2023 they only received 13.2 billion. One of the reasons is the 11% annual growth of premium subscribers, which has now reached 675 million.
The number of subscribers continued to increase despite the increase in premium subscriptions twice last year. Therefore, in the US, the subscription increased from $ 9.99 to $ 10.99 monthly in July 2023, followed by an increase by another dollar in June 2024.
“I am very excited for the year 2025 and I feel very good when I see where I got as a business and as a product
We will continue to bet and this will generate a long-term impact, increasing our speed and while maintaining the levels of efficiency we have reached last year. This combination will allow us to build the best and most valuable user experience, grow sustainably and provide creativity to the world.”Says the executive director of Compaineia, Daniel Ek.
In March 2024, Spotify filed a complaint after Apple limit the access of iPhone users, IPAD from the EU to competing streaming services. As a consequence, the European Commission has fined 1.8 billion euros
“The European Commission has discovered that Apple has applied restrictions to applications developers, preventing them from informing their iOS users of alternative and cheaper music services outside the application, which is illegal according to the EU Antitrust regulations“, is shown in a statement of the Community Executive.
