21+ Spotify Revenue and User Statistics for 2024

Spotify is a leading brand in the audio streaming industry. Within its 17-year reign, the platform revolutionized music consumption– from buying individual tracks and albums to streaming them through a subscription model. 

With its immense popularity and influence, Spotify seems to be thriving from an outsider’s perspective. However, the statistics sing a different tune.

The latest Spotify statistics show that the platform has been facing downward trajectories in its revenues, market share, and profits. To learn more, here are surprising facts about the audio-streaming giant that may surprise you. 

Eye-Opening Spotify Statistics

Streaming TV has revolutionized entertainment, delivering highly accessible, cheap, and up-to-date content to consumers worldwide. The same can be said for audio streaming. Spotify, in particular, spearheaded the growth and reinvention of the modern music industry. 

Below are eye-opening facts about the on-demand platform that prove this claim.

General Facts About Spotify

The statistics behind Spotify will help you understand its operation and success more deeply. These factual tidbits will guide you to make better-informed decisions, especially when buying subscription plans from the platform.

1. As of 2023, Spotify hosts 100 million tracks.

(Cnet, Demand Sage, Time) 

Cnet named Spotify one of the most consumed audio streaming platforms in 2023, offering a catalog of 100 million songs. It also has an extensive library of podcasts and audiobooks.

However, despite Spotify’s massive scale, Apple Music was the first to reach the 100 million mark. Moreover, since the Apple brand is worth more than $947 billion, it’s no wonder that its music streaming service trumps Spotify with a library that has moved beyond 100 million in 2023.

Spotify has also been boycotted by many artists, such as Neil Young and Joni Mitchell, because of its COVID-19 controversy with Joel Rogan in 2022. This incident has significantly impacted the number of songs in the platform’s roster.

2. Spotify owns 29 businesses and 6 other investments.

(Tracxin)

One asset distinguishing Spotify from other streaming platforms is its wealth of acquisitions. As of 2023, Spotify had 29 acquisitions and 6 investments. This move includes its most recent purchase of the startup Kinzen, last October 2022.

Some of the companies and products the streaming giant has obtained over the years are The Joe Rogan Experience, Soundwave, Sonalytic, MightyTV, Cord Project, The Echo Nest, CrowdAlbum, SoundBetter, Preact, and the Locker Room.

3. Spotify is available across multiple platforms.

(Appinventiv)

Many people listen to Spotify on iOS or Android smartphones, but its reach doesn’t end there. There are also versions for tablets, computers, and laptops running MacOS and Windows. 

They also have 'Spotify Connect'. It’s a feature that lets you control devices from the app, allowing you to listen to tracks on more unique devices.

Spotify Revenue Growth

Spotify’s huge acquisitions signal how big it is. As a globally recognized brand, the audio platform’s annual revenues rival many billion-dollar conglomerates in Sweden. 

Here are Spotify statistics that center on the company’s financial gains:

4. In 2021, Spotify generated €9.67 billion in revenue. 

(Statista)

As one of the world’s leading music streaming platforms, Spotify has enjoyed a constant revenue increase since its founding in ​​2006. 

Ten years after its launch, the company reached the billion-dollar mark with a revenue of €2.95 billion, and in 2020, it soared even higher to €7.88 billion.

Lastly, Spotify climbed to €9.67 billion in 2021–– a 22.72% increase in only one year.

5. Spotify made €8.56 billion during the first three quarters of 2022.

(Spotify)

Surprisingly, Spotify’s continuous revenue increase finally halted in the first nine months of 2022. The platform’s income slumped to €8.56 billion with an 11.48% decrease.

Here’s a closer look at Spotify’s annual revenue, including income from ads and Spotify Premium:

6. Just through ads, Spotify earned over €1 billion in 2021.

(Spotify)

Spotify's main source of income comes from its premium subscribers, as advertising only contributes 10 to 12% of its total revenue. 

In 2021, Spotify's ad revenue increased to €1.2 billion from €745 million in 2020–– only to drop 200 million in 2022. 

That said, experts still expect Spotify’s massive expansion in the future, predicting that they’ll eventually generate over €2 billion in revenue by 2026. This growth in advertising revenue will largely be due to podcasting.

Spotify Profit

Spotify continues to generate billions and acquire multi-million companies every year. One would think that they’re profiting immensely off those successes. However, the music streaming giant’s business strategy isn’t as direct as people assume. They’ve been losing money for years.

7. Spotify operates at a loss.

(Statista, Spotify)

Despite this impressive increase in revenue, Spotify has yet to declare actual profits. 2021’s figures showed a net loss of around €39 million, and this, at first glance, may call its success into question. 

It may even look like Spotify is not far off from SoundCloud’s $169.5 million bailout to keep itself from bankruptcy in 2017. However, a closer look at Spotify’s figures shows that it may not be as simple. 

Spotify follows a ‘Growth Business Model’ instead of the traditional ‘Revenue-first Model.’ As it spends more than it makes, it’s investing in enlarging its empire rather than conserving revenue.

Below is Spotify’s profit loss from 2009 to 2022:

Spotify Market Share

Spotify still holds a large share of the music streaming market, but the stats below reveal it’s been shrinking for a while now. 

8. Spotify has control of over 30% of the streaming market. 

(MIDiA Research)

As of July 2022, about 63% of the global population could access the internet, and more than 616.2 million people online have signed up for at least one audio streaming platform.

187.8 million of those subscribers used Spotify in the second quarter of 2022. They helped push the platform control over 30% or the largest share of the audio streaming market.

9. Spotify’s market share is falling over time.

(MIDiA Research)

Despite dominating the audio streaming industry, Spotify’s sizable market share has steadily eroded since Q4 of 2020. Spotify used to occupy 33.2% of the market in 2018.

It's unclear why Spotify's influence is declining. It may be due to Spotify’s decisions to keep hosting questionable content like Joe Rogan’s podcasts. It may also be because of unfair artist payouts or buggy features.

The following is a list of Spotify’s competition and its shares in the audio-streaming market:

How Many People Use Spotify?

With more than 30% market share in 2022, Spotify hosts millions of people. Here are statistics that shine a light on this:

10. Spotify has over 456 million monthly active users in 2022. 

(Spotify) 

The number of active users on Spotify grew to 456 million by the end of 2022. At the same time, Spotify Premium’s subscriber base has also increased to 195 million.

Spotify has legions of users because of its marketing strategies, free nature, and affordable premium rates. The app is initially free to download, which is highly inviting to many users.

For a more in-depth look at Spotify’s user base, here’s a table documenting its growth from 2015 to 2022:

How Many Premium Subscribers Does Spotify Have?

Spotify is essentially a freemium shareware, free-to-download, but users upgrade their experience through a paid premium subscription. This grants them access to convenient features like better-quality songs and unlimited shuffles.

Spotify went through several price changes over the years. Despite that, its premium subscriber count has remained in the millions. Here are the latest statistics that support this. 

11. Spotify has 195 million premium subscribers, 43% active users. 

(Spotify)

Despite the company’s 2022 revenue slump, Spotify Premium subscribers never stopped rising. In 2015, the audio streaming giant hosted 28 million premium users, but by the third quarter of 2022, it ballooned to 195 million. That’s nearly half of their entire user base.

The following depicts Spotify users' growth over the years:

12. Europe is Spotify’s biggest customer, with 141 million monthly active users and 76 million premium subscribers.

(Spotify)

Europe has Spotify’s biggest user base since it’s the Swedish company’s home turf. The continent hosts 141 million monthly active users, 76 million premium subscribers. Compared to the rest of the world, it holds 31% of Spotify’s total monthly user base and 39% of its premium subscribers.

Here’s a quick breakdown:

13. 19% of Spotify users canceled their subscriptions because of Joe Rogan in 2022.

(NME Music, Forrester)

Due to Joe Rogan’s controversial take on the COVID-19 pandemic, over 270 science and medical community members and various artists protested the host. The negative press led to 19% of Spotify users canceling their subscriptions in 2022. 

Between January and March 2022, 5% of UK and US Spotify users canceled their premium subscriptions.

Luckily, most of Spotify’s subscribers aren't planning to leave the platform, as finding another brand with the same features is difficult.

Spotify User Demographics

A general audience enjoys Spotify. However, as it expands, statistics show that young adult males dominate the platform's user base. Moreover, the company’s target market tends to be millennials. 

14. 51% of US Spotify users were males, and 49% were female in 2020.

(Statista, Gitnux, SonoSuite)

Spotify had a male-dominated audience in the United States in 2018. Its subscriber base was comprised of 56% men and 44% women. 

Not much has changed years later, in 2020. Female users accounted for 49% of Spotify’s listeners while 51% were male. Aside from that, only 23.2% of all Spotify users listen to tracks from female or mixed-gender artists.

Understanding the platform’s gender dynamics is crucial for effectively targeting and engaging users. Also, it’s important to remember that the streaming service is a safe space open to people of all genders.

15. In the US, young adults between 25 and 34 use Spotify the most.

(Statista)

 28.7% of all Spotify users are within the 25-34 age range, making Spotify’s target audience predominantly young adults or millennials. This is followed by the 18-24 age group with 25.7%. It’s no wonder that Spotify uses bright colors and a youthful aesthetic in its marketing materials.

How Much Data Does Spotify Use?

Spotify only streams a few megabytes per minute. However, the app can still exhaust your data plan in a matter of weeks.

16. Spotify uses 10 to 150MB of data per hour, depending on audio quality settings.

(Whistleout)

Spotify has four audio qualities: Low, Normal, High, and Very High. That said, the app’s data consumption depends on the audio quality you’re streaming in. Listening to a low sound quality needs about 10MB of data per hour. For high-quality songs and podcasts, usage will increase to 150MB every hour.

Find out Spotify data usage depending on your settings:

Spotify Listening Statistics

According to the latest Spotify statistics, people are most likely to stream Spotify on their smartphones rather than laptops or desktops. Other usage statistics are as follows:

17. Spotify has 5 million podcast titles.

(Spotify)

Recent data shows over 70 million podcast episodes worldwide, including Spotify’s own titles. Podcasts are one of Spotify’s pillars. As of 2023, the platform boasts 5 million podcast shows and an additional 350,000 audiobooks on their free and premium subscriptions.

18. Over half of Spotify users listen on their smartphones.

(Appinventiv)

Spotify’s desktop version has a more expansive interface. It also enables fast browsing through better filters. Even so, Spotify’s mobile counterpart is more popular simply because there are more mobile phone users worldwide.

Smartphones have become ubiquitous. In 2020 alone, global smartphone users scaled to 3.5 billion. Hence, more Spotify users prefer to leverage their phones. 52% of users access the platform through smartphones, while only 10% listen via tablets.

19. Spotify boats 100 songs that have been played over 1 billion times

(Spotify)

Spotify houses the top 100 songs streamed 1 billion times or more. In September 2023, Blinding Lights topped this list with 3.79 billion streams. Shape of You follows this with 3.61 billion plays, and Someone You Loved with 2.95 billion.

20. Spotify-curated playlists make up one-third of the total listening time.

(Goodwater Capital)

Despite many tracks, Spotify helps its audience find new songs by offering curated playlists. These can be based on any theme– genres, moods, and even star signs. 

The playlists comprise 31% or one-third of the total user listening time. At least half of that number is attributed to personalized playlists Spotify creates from the individual history of each subscriber. 

21. There are 4 million songs on Spotify that have never been played – not even once.

(Billboard)

Spotify hosts around 4 million tracks that have never been listened to. There’s even a service dedicated to discovering forgotten, zero-streamed tracks called Forgotify. This number shows that merely being present on the platform is insufficient for a recording artist to succeed. 

Wrap Up

Spotify’s dominance over the music streaming industry is apparent. However, that’s not all that the most recent statistics show. By drilling down into the facts, Spotify has increased listeners, but its revenue has dropped; its profits are in the red, and its market share is shrinking. 

So, no matter how large and popular the company is, one can’t help but wonder about Spotify's profitability and long-term sustainability.