Spotify logs first annual profit

STOCKHOLM, Feb 4 (AFP): Music streaming giant Spotify reported its first annual profit on Tuesday, with the number of active users growing more than expected in the fourth quarter to reach 675 million.

The company reported a net profit of 1.1 billion euros ($1.14 billion) for 2024, compared to a net loss of 532 million euros in the previous year.

"I am very excited about 2025 and feel really good about where we are as both a product and as a business," Spotify CEO Daniel Ek said in a comment.

The company also had its first ever annual operating profit, which reached 1.4 billion euros.

Its operating profit climbed to a record 477 million euros in the fourth quarter. It was short of Spotify's guidance of 481 million euros for the quarter, but it drastically improved from a loss over the same period in 2023.

The number of active users grew 12 percent year-on-year in the fourth quarter to reach 675 million, beating its guidance by 10 million.

The number of paying subscribers grew 11 percent, reaching 263 million.