Spotify has issued its first quarter 2025 earnings, including a strong performance on subscriber numbers.
Subscribers increased by 12% year-on-year to 268 million – the highest number of net additions in Q1 since 2020 and the second highest first quarter result ever. The addition of five million subscribers significantly outperformed the guidance by three million.
Monthly Active Users (MAUs) reached 678 million, an increase of 10% year-on-year.
Total Revenue was up 15% year-on-year to €4.2 billion. The streaming giant also reported a record high operating income (€509 million), although this was below forecasts due to operating expenses including €75 million in social charges.
Premium revenue growth of 16% year-on-year at constant currency to €3.77 billion was driven by subscriber gains and an ARPU (Average Revenue Per User) increase of 4% year-on-year to €4.73. Ad-supported revenue increased by 5% year-on-year at constant currency.
For Q2, Spotify is forecasting 273m subscribers (up five million) and 689m Monthly Active Users (up 11m).
“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,” said Daniel Ek, Spotify founder & CEO. “So yes, the short term may bring some noise, but we remain confident in the long-term story, and the direction we’re heading in feels clearer than ever.”
At the end of Q1, Spotify had 7,258 employees globally.
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