NEW YORK (CelebrityAccess) – Streaming music big Spotify introduced the corporate’s monetary outcomes for the second fiscal quarter of 2024 with subscriber counts and income each surging throughout the reporting interval.
In line with Spotify, the corporate reported complete income of $3.8 billion, a rise of 20% over the earlier yr’s Q2 and 5% from Q1 2024. Gross margin surged by 29% and working margin shifted into the black at 4.6% ($168 million) after Spotify reported losses of $247 million in Q2 2023.
Spotify’s outcomes had been pushed, partly, by sturdy year-over-year development in premium and ad-supported subscribers, which elevated by 14% and 15% respectively throughout Q2, throughout all operational areas.
The streamer reported that advert income grew as nicely throughout the quarter, up by 13% from the identical quarter final yr, pushed by features in impressions bought and elevated pricing.
Watch Spotify CEO Daniel Ek talk about the earnings report on Instagram: