{"id":9090,"slug":"spotify-segment-payout-per-listener-2025-2026","title":"Spotify segment cost of revenue per listener per month, Q1 2025 to Q3 2026","source":"Spotify Technology S.A., Form 6-K quarterly reports filed with the US Securities and Exchange Commission","source_url":"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1639920\/000162828026066889\/spot-20260930x6xk.htm","source_type":"filing","method":"Segment revenue and cost of revenue for Spotify's two reportable segments, Premium and Ad-Supported, read from the segment information note of three Form 6-K filings: the quarter ended 30 September 2026 (accession 0001628280-26-066889, which also carries restated Q3 2025 comparatives), the quarter ended 30 June 2026 (0001628280-26-052543, carrying Q2 2025), and the quarter ended 31 March 2026 (0001628280-26-027951, carrying Q1 2025). Period-end Premium Subscribers and Ad-Supported MAUs are read from the key performance indicator tables in the same three filings. All six quarters are on the basis adopted effective 1 January 2026, under which certain revenue-generating activities moved from the Ad-Supported segment to the Premium segment and prior periods were reclassified; the 2025 comparatives used here are the reclassified ones printed in the 2026 filings, not the figures as originally reported. premium_eur_per_subscriber_month is segment cost of revenue divided by period-end Premium Subscribers divided by three. ad_eur_per_listener_month is the same arithmetic on the Ad-Supported segment and period-end Ad-Supported MAUs. ratio is premium_eur_per_subscriber_month divided by ad_eur_per_listener_month, computed on unrounded inputs. Cost of revenue is not the same thing as royalties: Spotify states it consists predominantly of royalty and distribution costs related to content streaming but also includes payment processing, cloud hosting and podcast and audiobook content costs, so each figure is an upper bound on what rights holders received per listener. Period-end user counts are used because Spotify does not publish average daily users by segment. Q4 is excluded because the 2026 financial year is incomplete at the time of writing. Columns suffixed _m are in millions as Spotify reports them; the unsuffixed count columns are the same figures expressed in whole users so that any figure quoted in prose as a number of millions traces to a value in this table.","unit":"eur","license":"Afrobeats Wire's compilation and analysis are licensed CC BY 4.0. Rights in the underlying source data remain with the source named above.","confidence":"high","retrieved":"2026-11-04 19:48:57","n":6,"first_party":0,"columns":[{"key":"quarter","label":"Quarter","type":"text"},{"key":"premium_subscribers_m","label":"Premium Subscribers (m)","type":"number"},{"key":"ad_supported_mau_m","label":"Ad-Supported MAUs (m)","type":"number"},{"key":"premium_cost_of_revenue_eur_m","label":"Premium cost of revenue (EUR m)","type":"number"},{"key":"ad_cost_of_revenue_eur_m","label":"Ad-Supported cost of revenue (EUR m)","type":"number"},{"key":"premium_eur_per_subscriber_month","label":"EUR per Premium subscriber per month","type":"number"},{"key":"ad_eur_per_listener_month","label":"EUR per ad-supported listener per month","type":"number"},{"key":"ratio","label":"Premium \/ ad-supported ratio","type":"number"},{"key":"premium_subscribers","label":"Premium Subscribers (count)","type":"number"},{"key":"ad_supported_mau","label":"Ad-Supported MAUs (count)","type":"number"}],"rows":[{"quarter":"Q1 2025","premium_subscribers_m":268,"ad_supported_mau_m":423,"premium_cost_of_revenue_eur_m":2514,"ad_cost_of_revenue_eur_m":350,"premium_eur_per_subscriber_month":3.13,"ad_eur_per_listener_month":0.28,"ratio":11.34,"premium_subscribers":268000000,"ad_supported_mau":423000000},{"quarter":"Q2 2025","premium_subscribers_m":276,"ad_supported_mau_m":433,"premium_cost_of_revenue_eur_m":2509,"ad_cost_of_revenue_eur_m":364,"premium_eur_per_subscriber_month":3.03,"ad_eur_per_listener_month":0.28,"ratio":10.81,"premium_subscribers":276000000,"ad_supported_mau":433000000},{"quarter":"Q3 2025","premium_subscribers_m":281,"ad_supported_mau_m":446,"premium_cost_of_revenue_eur_m":2561,"ad_cost_of_revenue_eur_m":360,"premium_eur_per_subscriber_month":3.04,"ad_eur_per_listener_month":0.27,"ratio":11.29,"premium_subscribers":281000000,"ad_supported_mau":446000000},{"quarter":"Q1 2026","premium_subscribers_m":293,"ad_supported_mau_m":483,"premium_cost_of_revenue_eur_m":2703,"ad_cost_of_revenue_eur_m":335,"premium_eur_per_subscriber_month":3.08,"ad_eur_per_listener_month":0.23,"ratio":13.3,"premium_subscribers":293000000,"ad_supported_mau":483000000},{"quarter":"Q2 2026","premium_subscribers_m":300,"ad_supported_mau_m":494,"premium_cost_of_revenue_eur_m":2820,"ad_cost_of_revenue_eur_m":361,"premium_eur_per_subscriber_month":3.13,"ad_eur_per_listener_month":0.24,"ratio":12.86,"premium_subscribers":300000000,"ad_supported_mau":494000000},{"quarter":"Q3 2026","premium_subscribers_m":306,"ad_supported_mau_m":499,"premium_cost_of_revenue_eur_m":2938,"ad_cost_of_revenue_eur_m":392,"premium_eur_per_subscriber_month":3.2,"ad_eur_per_listener_month":0.26,"ratio":12.22,"premium_subscribers":306000000,"ad_supported_mau":499000000}]}