Spotify has reached a significant achievement, marking its first full year of profitability since its launch 17 years ago. The company saw its operating income soar to a record €477 million in Q4, contributing to a strong €1.4 billion total for the 2024 fiscal year. This success was driven by an impressive 35 million net new monthly active users, bringing the total to 675 million, far surpassing internal projections. The growth extended to its paid subscriber base as well, which rose to 263 million despite recent price hikes. Looking ahead, Spotify is set to introduce a HiFi “super premium” subscription, offering higher-tier services to users. Additionally, the company’s new agreement with Universal Music Group promises to further boost artist payments while enhancing user experiences, with plans for added perks on the horizon.
