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31.01.2023 / 18:11

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Spotify CEO Daniel Ek On “Over-Investing”, Corporate Reorg As Q4 Sees Big Jump In Users But More Red Ink

“In hindsight, I got a little carried away and over-invested relative to the uncertainty I saw in the market,” Spotify CEO Daniel Ek said this morning as the company reported a jump in users but wider losses, a week after announcing a reorganization of top management and hundreds of layoffs.

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Spotify Content And Ad Business Chief Dawn Ostroff Departing As Company Cuts 6% Of Workforce

Dawn Ostroff is departing Spotify as the company’s head of content and advertising amid cutbacks affecting 6% of the company’s workforce.

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Spotify Will Consider Price Hike After Apple, YouTube Moves, Says CEO Daniel Ek

Spotify blew past subscriber, user and revenue forecasts for the September quarter and said it will explore a U.S. price increase after recent moves by Apple and YouTube.

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‘The Playlist’ fans are saying Spotify biopic is “the best Netflix original in a while”

Netflix miniseries The Playlist have heaped praise on the series.The six-episode docu-drama, which was released on the streaming site last week, charts the rise of Spotify in a “fictionalised” account, following co-founder Daniel Ek and the idea to start a music streaming platform amid piracy in the music industry.“I’m convinced that The Playlist on @netflix is the best original I have seen on the platform in a while,” wrote one viewer on Twitter.Another said: “Don’t sleep on #ThePlaylist on @netflix. It is honestly one of the best limited series I have watched in a long time and gives you a great insight into the workings of the music industry and streaming business.”“THE PLAYLIST on Netflix — a dramatisation of the founding of Spotify — is pretty great.

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Spotify Paid $119 Million for Audiobook Distributor Findaway, Taking on Audible

Todd Spangler NY Digital EditorSpotify disclosed that it paid about $119 million in cash for audiobook distributor Findaway when the deal closed last month — representing its entry into the category dominated today by Amazon’s Audible.The company paid €117 million ($118.8 million) in cash for Findaway, Spotify revealed in an SEC filing Wednesday, after reporting better-than-expected Q2 results. Of that amount, 71% (€83 million) was accounted for as goodwill, which is the estimated value of an asset based on the established reputation of a business.In addition, Spotify agreed to additional cash payments of €13 million ($13.2 million), which are contingent on the continued employment of certain Findaway employees.

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Spotify CEO Daniel Ek Says “Very Dire Macro Environment” Isn’t Stopping Company’s Momentum; Strong Subscriber Outlook Boosts Battered Stock

Spotify CEO Daniel Ek says the “dire macro environment” of inflation and other headwinds has not slowed the company’s momentum.

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Spotify User Base Jumps 19% in Q2, to 433 Million, as Streamer Comes in Above Expectations

Todd Spangler NY Digital EditorSpotify turned in strong numbers for the second quarter, beating expectations for total and paid subscriber adds and reporting 23% revenue growth.Monthly active users grew 19% to 433 million, a net gain of 19 million in Q2 and 5 million above guidance — Spotify’s largest ever Q2 growth. The company attributed the gains to reactivations in Europe and “Gen Z strength in Latin America.”Spotify’s Premium Subscribers grew 14% to 188 million, topping its guidance by 6 million, “aided by promotional intake and household plans,” the company said in announcing results.Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.Total revenue was €2.9 billion, up 23%, and ad-supported revenue jumped 31% to €360 million, reaching an all-time high as a percentage of total revenue at 13%.

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Spotify Closes Acquisition of Findaway, Mounting Challenge to Audible in Audiobooks

Todd Spangler NY Digital EditorSpotify announced that it has closed the deal to buy audiobook distributor Findaway, touting the potential to expand beyond music and podcasts into the “substantial market opportunity” for audiobooks.The audio streamer has not disclosed the financial terms of the Findaway deal, announced in November. Originally, Spotify had expected the acquisition, which was pending regulatory clearances, to close in the fourth quarter of 2021.In the audiobook space, “just as we’ve done in podcasting, expect us to play to win,” Spotify CEO Daniel Ek said last week at the company’s 2022 investor day.

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Spotify Will Cut Back Hiring Forecast by 25%, CEO Daniel Ek Tells Staff

Todd Spangler NY Digital EditorSpotify is reducing its hiring forecast by 25% amid broader economic uncertainty, according to a companywide memo sent by chief exec Daniel Ek on Wednesday.Spotify will “reduce hiring growth by 25%,” according to Ek’s memo. The email also said that the company will “continue to still hire and grow” but that “we are just going to slow that pace and be a bit more prudent with the absolute level of new hires over the next few quarters.”As of the end of March, Spotify said it had 8,230 full-time employees globally.At the streamer’s 2022 investor day event last week, Spotify CFO Paul Vogel said that, amid macroeconomic headwinds like inflation, the company was evaluating its headcount growth in the “near term.” “We are clearly aware of the increasing uncertainty regarding the global economy,” Vogel said.

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Spotify Forms Safety Advisory Council in Wake of Joe Rogan Controversy

Todd Spangler NY Digital EditorSpotify has created an 18-member council to advise the company on policies addressing harmful content on the audio platform “while making sure we respect creator expression.”The move comes after a backlash earlier this year against Spotify and Joe Rogan, host of the No. 1 podcast on the service, over accusations that “The Joe Rogan Experience” spread COVID misinformation.

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Spotify Sees Podcast Losses Peaking in 2022, Says It Monetizes Only 14% of Listening Time Currently

Todd Spangler NY Digital EditorSpotify disclosed some key financial metrics of its podcast business for the first time — and while the $1 billion-plus the streamer has invested into podcasting so far has been a drag on overall profits, the company expects podcasts to eventually have a better margin profile than its core music biz.The company outlined its long-term strategy and financial prospects at its 2022 Investor Day event Tuesday.In 2021, Spotify’s podcast business generated nearly €200 million in revenue, according to CFO Paul Vogel — up 300% year over year. About 30% of Spotify’s user base, or more than 125 million monthly users, listened to podcasts in the first quarter of 2022, representing 7% of total listening hours on the platform in the period.

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Kendrick Lamar, Post Malone Lead Spotify’s Cannes Lions Lineup (EXCLUSIVE)

Shirley Halperin Executive Editor, MusicSpotify has revealed its performance and panel lineup for this year’s Cannes Lions Festival, taking place Monday, June 20 to Thursday, June 23.Back for an encore is Spotify Beach, which will make its home on the Croisette daily from dusk till dawn.Performances take place each night and will feature Kendrick Lamar, DJ Pee .Wee, aka Anderson .Paak, Kaytranada, the Black Keys and Post Malone, plus an as-yet-unannounced artist.DJ Henrie, the co-host of the Spotify Original Who We Be podcast, will be spinning as Spotify’s ‘House DJ’ throughout the week.Elsewhere on Spotify’s Lions agenda, founder and CEO Daniel Ek will sit for a talk on the future of media, creators and fandom, moderated by Sara Fischer of Axios.

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Bill Simmons Upped To Head Of Global Sports Content, Max Cutler To Head of Talk Creator Content & Partnerships In Spotify Exec Revamp

In the wake of last month’s news of Courtney Holt’s exit from Spotify, the company has made several moves in its exec structure as it continues to expand in podcasting and creator-driven content.

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Daniel Ek to Buy $50 Million of Spotify Shares, Predicts Streaming Growth Ahead

Patrick Frater Asia Bureau ChiefSpotify CEO Daniel Ek revealed that he is putting his money where his mouth is, releasing a Twitter message announcing that he will invest $50 million in the music streaming company.“I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT.

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Spotify Stock Craters to All-Time Low on Weak Paid Subscriber Growth

Todd Spangler NY Digital EditorSpotify shares closed down 12.4% Wednesday — hitting their lowest point in the company’s history as a public company — after the audio streamer’s paid-subscriber numbers disappointed investors. The chief concern pushing the stock down seemed to be that Spotify may be on the same trajectory as Netflix in hitting a wall in subscriber growth.The stock ended the day at $96.67 per share, giving Spotify a market capitalization of less than $19 billion.

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Spotify Shrugs Off Joe Rogan Podcast Drama, Topping Q1 Estimates: “Nothing Has Changed At All”

Spotify said it is not experiencing any negative effects from blowback over podcast hosts like Joe Rogan, with the company’s first-quarter results exceeding Wall Street forecasts.

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Information About Daniel Ek

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