MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by music data analytics firm Chartmetric.
Spotify saw its global Premium Subscriber base grow to 281 million paying users in Q3. The company also achieved strong operating profitability in the three months to end of September.
That’s according to the company’s latest financial results (for Q3 2025), filed this morning (November 4).
Spotify’s Premium Subscriber base at the close of Q3 was up by +5 million net subs on the 276 million that the firm counted at the end of the prior quarter (Q2 2025).
This +5 million growth was in line with the company’s guidance.
“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,” said Daniel Ek, Spotify Founder & CEO (who will be moving into an Executive Chairman role in Q1 2026).
Credit: Spotify
“We’re building Spotify for the long-term.”
Daniel Ek
Added Ek: “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.”
Spotify reported that this Premium Subscriber performance was fuelled by “Y/Y and Q/Q growth across all regions, with outperformance led by Latin America and North America” as well as “Strong global promotional campaign intake”.
Spotify breaks down its Premium Subscriber base by region within its investor presentation, reporting that Europe accounted for 37% of its total premium subscriber base as of the end of Q3 (see below).
North America accounted for 25% of SPOT’s total subscriber base in Q3, while Latin America accounted for 23%.
Monthly Active Users:
Spotify’s total Monthly Active Users, which combine paying users and ad-supported users, grew 11% year over year to 713 million.
That was up +18 million MAUs from the 696 million reported for the prior quarter (Q2 2025), and above guidance by 3 million (Spotify forecast that it would reach 710 million MAUs in Q3).
Spotify said MAU performance in Q3 reflected: “Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World, Europe and North America, ” plus the “Global launch of mobile free tier enhancements” and “successful marketing campaigns in select developing markets”.
REVENUE
Spotify generated EUR €4.272 billion (USD $4.99bn) in total quarterly revenue in Q3 (including Premium and ad-supported), up 12% YoY at constant currency.
Spotify’s Premium/subscriber revenues grew 13% YoY at constant currency to €3.826 billion ($4.469bn), driven by subscriber growth.
The firm’s Premium monthly ARPU stood at €4.53 ($5.29) — flat YoY at constant currency.
Spotify noted in its investor presentation that “excluding the impact of FX, ARPU performance was driven by price increase benefits, offset by product/market mix”.
Spotify’s Ad-Supported Revenue in Q3 2025 was €446 million ($520.97m), flaton a constant currency basis.
PROFITABILITY
In terms of profitability, Spotify posted a quarterly operating income of €582 million ($679.83m) for Q3.
That was up 33% YoY at constant currency – and above guidance – due to “lower Social Charges, favorability in marketing and personnel related costs and Gross Margin strength”.
SPOT reported that its operating income was negatively impacted by €16 million ($18.68m) in ‘Social Charges,’ which were €41 million ($47.89m) below forecast “due to share price movement during the quarter”.
Spotify explained to investors: “As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue.”
Spotify reported a net income of €899 million ($1.05bn) for the quarter, compared to a net loss of €86 million ($97.5m) in Q2 2025 and €300 million in Q3 2024.
The company’s Gross Margin finished at 31.6% in Q3 2025, up from 31.1% in Q3 2024.
GUIDANCE FOR Q4
In terms of guidance for Q4, Spotify forecasts reaching 745 million MAUs at the close of December, an addition of around 32 million net new MAUs in the quarter.
The company projects its total Premium Subscriber base to hit 289 million by the end of Q4, an addition of approximately 8 million net new subscribers.
Spotify also forecasts an operating income of €620 million for Q4 – alongside total quarterly revenue of €4.5 billion.
“Overall, we are very pleased with our performance heading into year-end and view the business as well positioned to deliver growth and improving margins in 2025 as we reinvest to support our long-term potential,” said Spotify in its investor presentation on Tuesday (November 4).
All EUR-USD conversions in this report made at the average quarterly rate for Q3 2025 of 1.1681, according to the European Central Bank.
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