Spotify Makes Profit , As Premium Subscribers Increase.
Although the company gained fewer new usersthan it anticipated in Q1 2024, Spotify boasted “record strength” in profitability, ‘Variety’ reports.
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“Moderating marketing activity” produced “more normalized growth,” Spotify said.
Compared to the same time last year,total active monthly users grew 19%.
“Organizational change” in the form of layoffs disrupted operations as well, CEO Daniel Ek said.
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However, year-over-yearPremium customer gains were at 14%.
Q1 2024 revenue rose 19.5%,and gross profit exceeded $1 billion.
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We’ve talked about 2024 as theyear of monetization, and we’redelivering on that ambition, Spotify CEO Daniel Ek, via statement.
Now as we’ve shifted to focus onstrong revenue growth and marginexpansion, we see a clear opportunityto ensure we are also continuing togrow the top of our funnel.
, Spotify CEO Daniel Ek, via statement.
I feel good about the changes we are implementing and remain very …