Spotify Reports First-Ever Annual Profit

Spotify posted better-than-expected subscriber growth in the fourth quarter, with 675 million total active monthly users and 263 million paying customers. The company reported its first-ever annual profit, with net income of €1.14 billion for 2024, after expanding beyond music streaming and eliminating 1,500 jobs. Spotify expects to continue its profitable growth trajectory this year, with plans to add 3 million monthly active users and 2 million premium subscribers in the first quarter, and reach revenue of €4.2 billion. Bloomberg Intelligence Analyst on US Media Geetha Ranganathan reports on Bloomberg Intelliegence. (Source: Bloomberg)