Spotify Technology reported impressive revenue growth of 20% year-on-year in the second quarter of 2024. The world’s leading music streaming service was once again able to increase its customer base and improve its operating profit. Despite intense competition in the industry, Spotify remains the market leader with over 70 million tracks and 2.2 million podcasts.
Challenges remain
Analysts continue to view Spotify positively, but warn of ongoing challenges. High licensing fees and operating costs continue to weigh on the company’s profitability. In addition, competition with rivals such as Apple Music and Amazon Music is intensifying. Spotify is expected to work harder to improve its margins and free cash flow in the coming months.
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