Spotify reports a Profitable Quarter, Customer Growth Amid Price Hike

• Premium subscribers increased by 3% from Q2 and 16% year-on-year.
• Monthly active users grew to 574 million, a 4% increase from Q2 and 26% year-on-year.
• Audiophile users are eagerly anticipating the upcoming lossless streaming tier called ‘Supremium.

Spotify released its Q3 earnings report, which is a positive deviation from the past. The company posted a €65 million profit for the third quarter and €32 million in operating income, a significant improvement from the €166 million net loss and €228 million operating loss the previous year.

Spotify’s premium subscribers increased by 3% from Q2 and 16% compared to Q3 of the previous year, despite a recent subscription price hike. The monthly active users also grew to 574 million, showing a 4% increase from the previous quarter and a 26% increase year-on-year.

Spotify reports a Profitable Quarter, Customer Growth Amid Price Hike

Spotify typically reports quarters with losses because its focus is on expanding its user base rather than immediate profits. Audiophile users are eagerly anticipating the upcoming lossless streaming tier that Spotify has promised. This new tier, called ‘Supremium,’ is expected to cost $19.99 and will include additional premium features.

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