- Spotify reported its first quarterly profit since 2021, with an operating income of 32 million euros ($34.1 million) in the third quarter.
- The profit was driven by price increases in its streaming services and a rise in subscribers across all regions.
- Spotify saw a 26% increase in monthly active users, reaching 574 million in the third quarter, and its premium subscribers, a significant revenue source, rose by 16% to 226 million.
- The company’s revenue for the third quarter increased by 11% to 3.36 billion euros, exceeding estimates.
- Spotify anticipates continued growth, aiming for 601 million monthly listeners in the current quarter, with expectations to reach 235 million premium subscribers and revenue of 3.7 billion euros by the end of the year. This aligns with its long-term goal of achieving 1 billion users and $100 billion in annual revenue by 2030.