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Spotify vs Netflix: who makes more money?
Netflix is bigger: $45.2 billion in revenue against $17.2 billion for Spotify, about 2.6 times as much. It also keeps more of each sale: $24.30 of every $100 versus $12.87. Across 5 rounds from their latest annual reports, Netflix wins 4.
From each company's latest Form 10-K: Spotify (year ended December 31, 2025) and Netflix (year ended December 31, 2025). Page updated November 8, 2026.
Revenue Money coming in
Net profit After every cost and tax
Kept per $100 of sales Profit margin
Employees As each 10-K states it
Revenue per employee Revenue ÷ employees
Growth over 5 years Revenue, first to latest year shown
How each one makes its money.
SpotifySpotify makes most of its money from Premium subscriptions and the rest from ads on the free tier, and pays most of it to music rights holders.
How Spotify makes moneyNetflixNetflix makes its money from monthly memberships, including a cheaper plan with ads. It reports one business, so its 10-K shows no split by product.
Netflix makes its money from monthly memberships, including a cheaper plan with ads. It reports one business, so its 10-K shows no split by product. Its 10-K does not split revenue into separate lines.
How Netflix makes moneyQuick answers.
Who makes more money, Spotify or Netflix?
Netflix: $45.2 billion in revenue against $17.2 billion.
Which is more profitable, Spotify or Netflix?
Netflix keeps more of each dollar ($24.30 of every $100). In total profit, Netflix made more: $11.0 billion.
Which has more employees, Spotify or Netflix?
Netflix, with about 16,000 against 7,287.
Sources: Spotify Technology S.A. Form 20-F and Netflix, Inc. Form 10-K on SEC EDGAR. Fiscal years can end in different months, so each side uses its own latest year. Profit means net income.