Spotify’s profit in the second quarter of 2024 increased by 45% to €1.11 billion ($1.21 billion) compared to the same period in 2023. It is reported by Reuters.

The result was slightly higher than analysts’ forecasts – they expected Spotify’s profit to reach 1.07 billion euros.

The streaming service’s revenue increased by 20% to €3.81 billion in the period under review. Despite the growth, the figure was lower than forecasts – analysts had expected revenue of €3.82 billion.

At the same time, the company did not achieve its goal of monthly active users (MAU). Earlier, Spotify said that it planned to get 631 million monthly active users, but by the end of the quarter it reached only 626 million.

The streaming service said that the number of users grew in all regions, but Spotify did not reach its goal due to “constant recalibration” of marketing activities.

Earlier, the research company Antenna found that Spotify has the most loyal subscribers. Users of this service are the least likely to choose other streaming services. According to the company, less than 1.5% of Spotify users abandoned the service in April 2024.