Spotify’s Q3 Results Reveal Double Digit Subscriber Growth

Spotify has released its third quarter 2025 earnings, displaying strong momentum as it surpassed 700 million monthly active users.

Topline results:

• Paid subscribers climbed 12% YoY to 281 million.

• Monthly active users grew 11% YoY to 713 million.

• Total revenue increased 12% YoY constant currency to €4.27 billion ($4.91 billion).

• Premium revenue grew 13% YoY constant currency to €3.83 billion ($4.4 billion).

• Average revenue per user was flat in terms of growth to Q3 2024 at €4.53 ($5.20).

• Ad revenue fell 6% YoY to €446 million ($512 million).

• Operating income reached €582M ($669 million).

Listener base:

• 36% of Spotify’s monthly active users are in ‘Rest of World’ (basically, anywhere outside North America, Europe and Latin America).

• In terms of paid subscribers, Europe has a 37% share, North America 25%, Latin America 23%, and Rest of World 14%.

What they said:

• Daniel Ek, Spotify’s Founder and CEO: “The business is healthy. We’re shipping faster than ever. And we have the tools we need – pricing, product innovation, operational leverage, and eventually the ads turnaround – to deliver both revenue growth and profit expansion. It all comes back to user fundamentals and that’s where we are: 700 million users who keep coming back, engagement at all-time highs. We’re building Spotify for the long-term.”