NEW YORK (CelebrityAccess) – Streaming music giant Spotify has reported financial results for its second quarter of 2024, showing a surge in both subscriber growth and revenue during the reporting period.
According to Spotify, the company reported total revenue of $3.8 billion, up 20% from the second quarter of the previous year and up 5% from the first quarter of 2024. Gross margin jumped 29% after Spotify reported a loss of $247 million in the second quarter of 2023, while operating margin returned to a profit of 4.6% ($168 million).
Spotify’s performance was driven by strong year-over-year growth in premium and ad-supported subscribers, which increased 14% and 15% in Q2 across all operating regions, respectively.
The streamer also reported growth in its advertising revenue this quarter, up 13% year-over-year, driven by increased impressions sold and higher pricing.
Watch Spotify CEO Daniel Ek discuss the earnings report on Instagram.
