Spotify’s Q2 earnings report is presented with a casually positive tone.
“Our business continued to perform well in Q2, led by healthy subscriber gains, improved monetization and record profitability.” –Spotify Executive Summary, Q2 2024 earnings
We take note of upward movement along the line of double-digit percentages comparing year-over-year (revenue and user count), and single-digit movement quarter over quarter (Q1 -Q2). The chart below tells those stories.
Beyond that broad picture, Spotify brags about key highlights with additional detail:
- Double digit year-over-year growth in MAUs (+14% monthly users) and paying subscribers to the fully interactive side (+12%) to the paid plan.
- Strong revenue growth; record-high profitability. One part of this (not in the chart above): Average revenue per user (ARPU) grew 10% year-over-year.
- On the product side, Spotify expanded its video podcast catalog to over 250,000 shows. (See this Washington Post column on watching audio.)
- The 250,000 audiobook library was extended to new territories: Canada, Ireland, and New Zealand.
- The Spotify Creative Lab was started — it’s an in-house creative ad agency. With that — Quick Audio, a generative AI tool for advertisers.
Below is an expanded finance chart.
