Spotify's stock soared in 2024, becoming the top-performing music stock. This success was driven by a combination of price increases, reduced headcount, and subscriber growth. The company transitioned from operating losses to profits, demonstrating its ability to improve efficiency while maintaining product quality.
The Spotify company logo is displayed as traders work on the floor of the New York Stock Exchange during morning trading on Feb. 1, 2023 in New York City.When it came to music stocks in 2024, there was Spotify , and then there was everything else.
The one-two punch quickly produced results. Perpetually unable to turn a profit, Spotify went from an average quarterly operating loss of 112 million euros in 2023 to an average quarterly operating profit of 296 million euros in the first three quarters of 2024. Gross margin shot up, too, from 24.1% in the second quarter of 2023 to 31.1% in the. Subscribers didn’t just stick around, they grew in numbers, from 220 million before the first price increases to 252 million on Sept. 30, 2024.
Streaming and live music accounted for eight of the 10 music stocks that posted gains in 2024, reflecting these companies’ ability to capture the financial benefits of consumers’ willingness to spend more on music. Despite Spotify’s enormous improvement, live music was the best segment with an average gain of 24.8%. Live Nation was the index’s second-best performer with a 38.3% gain, besting German promoter CTS Eventim , Sphere Entertainment Co. and MSG Entertainment .
Spotify Music Streaming Stock Performance Profitability Subscriber Growth
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