Spotify already has over 670 million users, of which 268 million are paid.

Streaming service Spotify has released its financial statements for the first quarter of 2025. The company continues to show excellent results: the number of monthly users has reached 678 million, of which 268 million are paid subscribers.

678 million monthly active users is a 10% increase from the same period last year. At the same time, the number of paid subscribers increased by 12% compared to the first quarter of 2024. This is the largest increase in subscribers in a quarter since 2020.

“The underlying data at the moment is very healthy: engagement remains high, retention is strong, and thanks to our freemium model, people have the flexibility to stay with us even when things feel more uncertain. So yes, the short term may bring some noice, but we remain confident in the long-term story, and the direction we're heading in feels clearer than ever,” said Daniel Ek, founder and CEO of Spotify.

In the first quarter of 2025, Spotify's total revenue reached €4.2 billion, up 15% year-over-year. Gross margin increased by approximately 400 basis points to 31.6%, a significant improvement over 2024. The company's operating profit reached €509 million.

We remind you that 2024 was the first fully profitable year for the Swedish company. At the same time, last year Spotify paid almost 1,500 artists $1 million in royalties. In total, last year the streaming service paid musicians more than $10 billion.