YouTube achieved record-breaking ad revenue of $10.47 billion in Q4 2024, marking a 13.8% increase from Q4 2023. This significant growth was primarily driven by U.S. election advertising spending, which doubled compared to the 2020 elections.


While YouTube dominates video content and leads U.S. TV watch time, particularly in video podcasting, YouTube Music continues to trail behind major competitors in subscriber numbers. Spotify maintains its position as the leading music streaming service with 263 million global subscribers, followed by Apple Music and Amazon Music in the U.S. market.

Alphabet's Q4 earnings report revealed that "subscriptions, platforms, and devices" revenue, which includes YouTube Music, reached $11.63 billion, showing a 7.8% year-over-year increase. However, specific YouTube Music subscriber numbers remain undisclosed.

This performance data gains additional significance as Spotify expands its video presence, particularly in podcasting. In November, Spotify launched a revamped video podcast monetization program, though YouTube's established dominance in this space presents a significant challenge.

For comparison, Spotify reported €537 million ($559 million) in Q4 advertising revenue, with its stock reaching a record high of over $630 per share. UBS analysts have set an ambitious price target of $720 for Spotify stock.

Meanwhile, Alphabet's stock (NASDAQ: GOOG) experienced a 7% decline, closing at $193.30 per share following the earnings announcement.

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