Want to see SPOT full AI Analyst Report?
Gross Margin by Segment
Compares margins after direct costs across subscriptions, ad‑supported services, and podcast or licensing businesses to show where Spotify earns the most per dollar of revenue. High royalty and content costs can depress margins in some segments, while owned content and ads often yield higher incremental profit.Spotify’s margin improvement is being driven by sustainably stronger Premium economics—ARPU expansion and scale—while Ad‑Supported moved from loss-making to positive but remains lumpy; the recent ad-margin pullback aligns with management’s disclosure that ad-stack rebuilding and higher engagement-driven content costs have pressured ads. Management points to programmatic and automated sales as durable upside, so overall margin trajectory is constructive, but near-term volatility hinges on execution in ad monetization and solving AI/content/legal complexities.
Date | Total | Ad-Supported | Premium |
|---|---|---|---|
Jun 30, 2026 | 33.40 | 19.10 | 34.90 |
Mar 31, 2026 | 33.00 | 13.00 | 34.80 |
Dec 31, 2025 | 33.10 | 20.00 | 34.80 |
Sep 30, 2025 | 31.60 | 17.60 | 33.20 |
Jun 30, 2025 | 31.50 | 17.30 | 33.10 |
Mar 31, 2025 | 31.60 | 14.00 | 33.50 |
Dec 31, 2024 | 32.20 | 15.10 | 34.70 |
Sep 30, 2024 | 31.10 | 13.10 | 33.50 |
Jun 30, 2024 | 29.20 | 13.40 | 31.40 |
Mar 31, 2024 | 27.60 | 6.40 | 30.20 |