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Spotify stock forecast 20301/8/2023 "We have taken action on more than 20,000 podcasts since the start of the pandemic," Ek told Reuters. Rogan, a popular internet commentator, has since apologized and Spotify said it would start adding content advisories to episodes discussing COVID.Ĭhief Executive Officer Daniel Ek said the company already has a "sizable" content moderation team in place. The subscription music streaming service has invested over a $1 billion in the podcasting business, led by marquee exclusive shows such as The Joe Rogan Experience.īut the allure of the podcast star also drew condemnation after his show aired controversial views around COVID-19, drawing protests from artists Neil Young and Joni Mitchell. "While investors are clearly disappointed in the first quarter gross margin trajectory, the real story is ad revenue growing at nearly double the rate of their subscription business and that's where we believe the meaningful upside is over the course of the next several years," said Rich Greenfield, an analyst at LightShed Partners. Spotify said it would no longer offer annual guidance on subscribers. Revenue is expected to meet estimates of 2.60 billion euros. The company, however, forecast current-quarter paid subscribers of 183 million, below expectations of 184 million. Total monthly active users rose 18% to a record 406 million. The outlook overshadowed fourth-quarter revenue, which came in higher than analysts' estimates, as the music streaming company sold more advertisements and newer services such as podcasts, while recording a healthy 16% increase in paid subscribers for its premium service. Shares pared losses and were down between 3% to 9% after the initial shock. ![]() we don't expect a material difference in the net additions for either users or subscribers in 2022 relative to 2021," Vogel told Reuters. "While we have not given full year guidance anymore on subscribers.
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