Today, we announced our first quarter 2025 earnings, starting the year off strong by outperforming across key metrics, including the highest Q1 Subscriber net adds since 2020 and a record high Operating Income. Take a look at the highlights below:

• Subscribers increased 12% Y/Y to 268 million. 
• Monthly Active Users reached 678 million up by 10% Y/Y.
• Total Revenue was up 15% Y/Y to €4.2 billion.
• Gross Margin improved by ~400 bps YoY to 31.6%.
• Operating Income rose to €509M.

“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.”

Interested in hearing more? Listen to the webcast Q&A on our Investor Relations site here.