Neil Cybart 7/29/24 Neil Cybart 7/29/24

Spotify 2Q24 Earnings, Spotify vs. Apple Music

Happy Monday. This will be a busy week for earnings. We will begin preparing for Apple’s earnings release tomorrow. For today’s update, we focus on Spotify. It’s actually been nearly a year since we took a closer look at Spotify's financial performance. Let’s jump in.

Spotify 2Q24 Earnings

We will use a different method to quickly recap Spotify’s 2Q24 results. Here were year-over-year changes for several key line items that made up Spotify's 2Q24 income statement:

Revenue: +$630M (to $4.1B)
Cost of revenue: +$284M (to $2.9B) - for growth to come in less than revenue suggests better music licensing terms and improved monetization

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