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Spotify closed the second quarter with 300 million premium subscribers, a threshold the company said no other audio streaming service has reached.
The figure is up from 293 million at the end of March and came in slightly above the company's own forecast of 299 million.
Monthly active users rose to 777 million, up from 761 million in the previous quarter and just under the company's projection of 778 million.
Spotify described the growth in both metrics as consistent across all regions on a year-over-year and quarter-over-quarter basis.
Spotify surpassed 200 million paid subscribers in the fourth quarter of 2022, before reaching 293 million at the start of 2024, according to the company's own quarterly filings.
The company's global premium subscriber base stood at 290 million by the end of 2025, up 10% year over year.
Spotify remains the largest music streaming platform globally by market share, ahead of rivals including Apple Music, Amazon Music and YouTube Music.
Spotify has posted mixed profitability over the years: it recorded losses of more than €4 billion ($4.6 billion) between 2009 and 2023 before reporting its first full-year profit of €1.138 billion in 2024.
The company's second-quarter revenue accelerated to €4.8 billion, a gain of 14% year-over-year, or 15% on a constant-currency basis. The result was in line with the company's own forecast for the quarter.
Operating income reached €655 million, an increase of 61% from the same period a year earlier and above management's guidance.
The company said operating expenses rose 3% during the quarter, driven by temporary investments in marketing as well as cloud and artificial intelligence spending.
Our business performed well in the second quarter, led by strength in subscribers and profitability, Spotify said in its earnings statement.
Despite the subscriber milestone and profitability gains, Spotify shares dropped more than 4% in pre-market trading following the release of the results.
Investor attention on the company's margins has intensified in recent quarters after Spotify raised subscription prices and implemented cost-cutting measures across its operations.
Spotify forecast 305 million premium subscribers and 788 million monthly active users for the third quarter. The company also projected operating income of €670 million and revenue of €5 billion for the period.
Spotify said it expects the business to deliver improved growth and margins in 2026 as it continues to reinvest toward what it described as its long-term potential.
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