Spotify Premium paid subscribers reached 263 million in Q4 2024, up from 252 million in the previous quarter, surpassing the company's internal expectations.
Spotify said its Spotify Wrapped campaign (an annual campaign launched at the end of each year to summarize users' music listening habits) and holiday marketing activities contributed significantly to this result.
In addition, the platform also asserts its leading position in emerging markets, especially Latin America and global markets.
Not only is there growth in paid subscribers, Spotify's monthly active users will also reach 675 million by the end of 2024, up 12% year-on-year and 35 million higher than in Q3 2024.
In addition, Spotify also mentioned promoting video podcasts and the Spotify Partner Program - a monetization model for audio and video content creators, similar to TikTok and YouTube.
However, the company did not provide any information about the lossless audio project, which was announced in 2021 but has yet to launch despite multiple delays.
Meanwhile, rivals like Tidal and Apple Music have long offered high-quality audio, leaving Spotify behind in this area despite still holding a large market share.
Spotify forecasts the growth trend to continue in Q1/2025, with an expected addition of 2 million new paid subscribers.
