NEW YORK (CelebrityAccess) – Streaming music giant Spotify has announced the company’s financial results for the second fiscal quarter of 2024, reporting significant growth in user numbers 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 5% from the first quarter of 2024. ($168 million) Spotify reported a loss of $247 million in the second quarter of 2023.
Spotify’s performance was driven in part by strong year-over-year growth in paid users and ad-supported users, which increased by 14% and 15% respectively in all operating regions in the second quarter.
The streamer reported that advertising revenue also increased in the quarter, up 13% from the same period last year, driven by increased impression sales and higher pricing.
Watch Spotify CEO Daniel Ek discuss the earnings report on Instagram:
