The stock market day
Spotify under pressure by the numbers
4/27/2022, 5:26 p.m
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The world’s largest music streaming provider Spotify gained new users at the start of the year and generated more. According to the Swedish company, revenues increased by almost a quarter to EUR 2.66 billion in the first quarter. That was above analysts’ expectations. Especially in the advertising business, things went well. The stock was up about 5 percent premarket.
The number of monthly active users climbed by 19 percent to 422 million worldwide – 182 million of them are now paying premium customers, who also contribute the largest part to sales. In the current quarter, Spotify wants to increase the number of users to 428 million – even after the Russian activities have been closed.
Spotify has been investing billions in podcasts for a while and is growing strongly in this space. Despite massive criticism, company boss Daniel Ek is sticking to the popular US podcaster Joe Rogan after his racist statements. The shares lose more than eight percent.
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