NEW YORK (CelebrityAccess) – Streaming music giant Spotify announced the company’s financial results for the second fiscal quarter of 2024 with subscriber counts and revenue both surging during the reporting period.
According to Spotify, the company reported total revenue of $3.8 billion, an increase of 20% over the previous year’s Q2 and 5% from Q1 2024. Gross margin surged by 29% and operating margin shifted into the black at 4.6% ($168 million) after Spotify reported losses of $247 million in Q2 2023.
Spotify’s results were driven, in part, by strong year-over-year growth in premium and ad-supported subscribers, which increased by 14% and 15% respectively during Q2, across all operational regions.
The streamer reported that ad revenue grew as well during the quarter, up by 13% from the same quarter last year, driven by gains in impressions sold and increased pricing.
Watch Spotify CEO Daniel Ek discuss the earnings report on Instagram:
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