The UK arm of Spotify shed almost 200 jobs in 2024 as its profit continued to rise despite a fall in revenue, it has been revealed.
The division of the Swedish audio streaming giant cut its workforce from 1,039 employees to 874 during its latest financial year, according to new accounts filed with Companies House.
The results also show that Spotify’s UK pre-tax profit increased from £22.3m to £24.5m over the same 12 months.
The latest rise means the company’s pre-tax profit has grown every year since it dipped from £10.4m to £9.1m in 2021.
However, Spotify’s revenue declined in 2024 from £269m to £247.1m.
The company said its revenue fell as a result of a fall in earnings from providing services to its parent, Spotify AB.
Spotify’s revenue from intracompany services went from £201.6m to £171.4m in the year while its income from the sale of adverts rose from £67.3m to £75.7m.
Spotify warns users’ accounts could be deleted
The results for the company’s UK division come after the wider group posted a revenue of €8.3bn for the first six months of its current financial year, up from the €7.4bn it achieved during the same period in 2024.
However, the wider group’s pre-tax profit fell over the same period from €444m to €376m.
In terms of aftermath of the UK’s new Online Safety Act coming into force, Spotify started enforcing age verification for users seeking access to explicit content.
This involves using facial scanning, algorithmic age estimation as well as photo ID – via a partnership with Yoti.
At the end of July, the company warned that users’ accounts may be deleted if they fail to pass new age verification checks.
Spotify is one of the major tech firms to roll out age checks in a bid to stop children from accessing adult material.
ompanies that fail to comply risk fines of up to 10 per cent of their global turnover and fines of up to £18m.