Acquired · Spotify · Numbers
Numbers
Every reported figure in the Spotify file, each carrying its source line and the date the figure was captured. Hover any evidence bullet for the citation link.
Reported figures
Monthly active users (2024 Q3)
2 yr~640M
of which ~252M are paid subscribers; free tier is the top-of-funnel, not a loss leader — it generates ad revenue
[Spotify Q3 2024 earnings] · as of 2024-09
Gross margin (2024)
3 yr~30%
vs ~70% for Apple Music; the difference is label royalties — Spotify pays ~70% of revenue to rights-holders vs Apple's lower blended rate across hardware+services
[Spotify 2024 disclosures + Acquired episode] · as of 2024
- David:Spotify's gross margin is around 25 to 30 percent. Apple Music's is probably north of 70 percent. The difference is that Apple sells hardware. Apple can afford to lose money on music because it sells iPhones. Spotify cannot.[Acquired Spotify Direct Listing, ch. The margin problem]
Direct listing reference price (2018)
8 yr$132/share (~$26B)
first major tech company to go public via direct listing; no new shares issued; no investment bank underwriting fee
[Acquired Spotify Direct Listing episode] · as of 2018-04
- Ben:Spotify chose a direct listing. No new shares. No underwriting fee. Existing shareholders sell directly to the market. It is novel and it worked.[Acquired Spotify Direct Listing, ch. The direct listing]
Freshness
0
Current (≤6 mo)
0
Recent (≤18 mo)
3
Older
Most figures here are 18 months or older — useful for the structural read but verify before quoting in real-time analysis.
Every figure here cites its source. See the sources tab for the aggregated footnote list and which citations back more than one claim.