• Spotify has shared its quarterly results for Q4 2024.
• The music streaming platform recorded a total revenue of €4.2 billion, up 16 percent year-on-year.
• Its number of Premium subscribers also increased for the quarter, now totalling 263 million.

Spotify had a pretty impressive year, even by the music streaming platform’s already high standards.

This was emphasised by the figures shared in its fourth quarter 2024 earnings report earlier today. The platform noted that it ended the year stronger than ever, recording €4.2 billion in revenue, representing a 16 percent increase year-on-year.

That figure makes sense given the fact that Spotify increased the pricing of its Premium subscription plan twice in key regions over the course of 11 months per The Verge – The first time in July 2023 and once again in June 2024.

For South African subscribers, a jump in price circled round in October of last year, although our part of the world has not hit twice.

Despite the price increases in different parts of the globe, Spotify still managed to come out on top in terms of subscriber growth too. Here it recorded an increase of 11 percent year-on-year, with the total number of Premium subscribers now sitting at roughly 263 million.

Needless to say, this left the higher ups at the platform quite pleased.

“I am very excited about 2025 and feel really good about where we are as both a product and as a business,” said Daniel Ek, Spotify founder and CEO. 

“We will continue to place bets that will drive long term impact, increasing our speed while maintaining the levels of efficiency we achieved last year. It’s this combination that will enable us to build the best and most valuable user experience, grow sustainably and deliver creativity to the world,” he added in a blog post.

In terms of the new features that have driven an impact, it looks like the addition of AI playlists and audiobooks is reaping rewards for Spotify, as is its continued push to bring more podcasters over to the platform in order to make it their go-to option.

Audiophiles wanting the support of lossless streaming, however, will need to wait until next year for any further news on that front, as the earnings report was not forthcoming on that long-rumoured addition.

With Spotify seemingly capable of upping the price at regular intervals and still keep a healthy subscriber growth, it will be interesting to see whether Daniel Ek and co. will push the limits in this regard and see just how much Premium subscribers are willing to pay.

[Image – Photo by David Pupăză on Unsplash]