A key driver of this financial success was a surge in revenue, which climbed to €15.6 billion ($16.1 billion), up from €13.2 billion ($13.6 billion) in 2023. This growth was fueled by an 11% increase in Premium subscribers, rising from 236 million to 263 million, while total monthly active users grew 12% to 675 million.

Despite raising its Premium subscription price twice within 11 months, Spotify continued to attract users. The price increased from $9.99 to $10.99 per month in July 2023, marking the first hike in the U.S. since 2011. Another increase followed in June 2024, bringing the cost to $11.99 monthly.

In addition to pricing adjustments, Spotify rolled out new AI-driven playlist features and expanded its audiobook offerings. However, there was no mention of its long-awaited lossless streaming feature in the latest report. With a strong financial performance and a growing user base, Spotify appears to be solidifying its position as the leader in the music streaming industry.

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