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SPOT-SPOTIFY TECHNOLOGY SA

Spotify Reports Strong Q3 Growth with 6 Million New Subscribers and Rising Stock as Analysts Adjust Price Targets

Wednesday

20 November, 2024

Spotify's latest quarter showcases remarkable growth, adding 6 million new subscribers and achieving a 19% revenue increase, signaling strong financial health. As the company prepares for its first profitable year, can it maintain this momentum in a competitive streaming landscape?

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Key Takeaways
  • Spotify has gained 6 million new paying users and achieved a 19% revenue growth, reaching €4.0 billion.
  • The platform now boasts 640 million monthly active users, with projections suggesting further growth to 665 million.
  • A significant increase in net income to €300 million highlights Spotify's strong financial performance.
  • The company is on track for its first profitable year, driven by a 58% rise in programmatic advertising.
  • Upcoming features like ad-free video podcasts and a hi-fi music tier indicate Spotify's commitment to innovation.
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