Netflix vs Spotify Business Model (2026)
Netflix earns most from United States And Canada (44.2%), while Spotify earns most from Premium (89.3%). Computed from Netflix 10-K FY2025 and Spotify 20-F FY2025.
Last checked 2026-10-18 on the official pages.
Netflix
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| United States And Canada | $19,957 million ($20.0 billion) | 44.2% | 10-K FY2025 ↗ |
| EMEA | $14,515 million ($14.5 billion) | 32.1% | 10-K FY2025 ↗ |
| Latin America | $5,358 million ($5.4 billion) | 11.9% | 10-K FY2025 ↗ |
| Asia Pacific | $5,354 million ($5.4 billion) | 11.8% | 10-K FY2025 ↗ |
| Total revenue | $45,183 million ($45.2 billion) | — | 10-K FY2025 ↗ |
Spotify
Amounts in millions of EUR. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Premium | €15,350 million (€15.4 billion) | 89.3% | 20-F FY2025 ↗ |
| Ad-Supported | €1,836 million (€1.8 billion) | 10.7% | 20-F FY2025 ↗ |
| Total revenue | €17,186 million (€17.2 billion) | — | 20-F FY2025 ↗ |
Shared business models
Company and model pages
Netflix: Advertising · Subscription
Spotify: Advertising · Subscription
Frequently asked questions
How does Netflix make money?
Netflix monetizes access through subscriptions rather than charging for individual titles. Its FY2025 total revenue was $45,183 million ($45.2 billion), with United States And Canada the largest reported region at $19,957 million ($20.0 billion) and 44.2% of total revenue (computed from the 10-K FY2025).
How does Spotify make money?
Spotify makes money mainly from Premium. Its FY2025 total revenue was €17,186 million (€17.2 billion), with Premium the biggest disclosed revenue line at €15,350 million (€15.4 billion) and 89.3% of total revenue (computed from the 20-F FY2025). Spotify earns Premium revenue by selling subscriptions.