Spotify Projected to Hit the Right Notes for Full-Year Profitability in 2024

Music streaming giant Spotify (NYSE: SPOT) is on track to achieve full-year profitability in 2024. The Swedish company marked its first profitable quarter in Q1 2024, recording net income (GAAP) of €197 million. According to Visible Alpha consensus estimates, Spotify is projected to generate net income of €966 million in 2024, a turnaround from last year’s net loss of -€532 million.

With ambitions to expand globally and attain a user base of one billion by 2030, Spotify has been steadily growing its subscriber numbers, offering access to podcasts and audiobooks. The company is estimated to reach 674 million monthly active users (MAUs) in 2024, with projections suggesting it will hit approximately 1.05 billion MAUs by 2030.

In 2024, Spotify is expected to increase its premium subscribers by 10% year over year, reaching 259 million users and generating €13.7 billion in premium revenue, marking an 18.3% increase from the previous year. Additionally, the number of MAUs for Spotify’s ad-supported streaming service is anticipated to rise by 13% to 427 million users, resulting in nearly €2 billion in ad-supported revenue, up a projected 17.8% year over year.