
Spotify sees subscriber growth and record profits
Swedish streaming platform Spotify continues to attract more subscribers while turning a profit. In the second quarter of 2024, Spotify reported an operating income of 266 million euros, approximately two billion Danish kroner, marking its best-ever financial performance. The company released its financial results on Tuesday, with CEO Daniel Ek highlighting innovative growth and exceeding expectations. Over one year, Spotify’s subscriber count rose by 12% to 246 million. Quarterly growth added seven million subscribers. Total second-quarter revenue reached 3.8 billion euros, up 20% from the previous year, partly driven by premium user revenue, which increased 21% to 3.35 billion euros. Spotify annually pays out two-thirds of its total revenue to content rights holders, including record labels and independent artists. In 2023, Danish artists received over 311 million kroner in royalties, a 75% jump from 2017. Spotify was founded in 2006 and expanded into Denmark in 2011.