First Earning Report: Spotify Reaches 75 Million Paid Users
First Earning Report: Spotify Reaches 75 Million Paid Users
Spotify Drops 9 Percent After First Earnings Report as Public Company
03 May, 2018, 15:30
In the aftermath of the earnings report, Spotify stock fell 7.5 percent in after-hours trading. Revenue aside, the company posted a loss of about $49 million for the quarter.
Spotify said paid subscriptions for the second quarter would range between 79 million and 83 million, which at the midpoint was below Wall Street's consensus forecast of 81.79 million, according to Thomson Reuters I/B/E/S.
The company's full-year forecast did not adjust despite the rapid growth of music streaming worldwide. By avoiding the traditional trappings of investment banks in favor of a direct listing, Spotify saves a bunch of money.
SME owned 5.7% of Spotify's stock, the most of any major label group, before Spotify was publicly listed on April 3.
"We don't see any kind of meaningful impact of competition", Ek told reporters and analysts on a telephone call. "In fact, when we look at this, we don't really think that this is a winner-takes-all market".
Apple Music recently crossed 40 million subscribers, while in comparison of that 99 million people are listening to Spotify through its ad-supporter free tier.
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A month ago Spotify unveiled an experience for free users. That would seem to imply a slowing of growth. Excluding currency effects, Spotify expects revenue growth of 20 percent to 38 percent.
While Spotify still enjoys a sizable lead over Apple, some believe that Apple Music may soon surpass Spotify as Apple's own streaming service appears to be growing at a faster clip. However, some key featuree remain exclusive to paying subscribers.
Streaming - which offers unlimited music online - has rapidly transformed the music industry in recent years, leading to three straight years of growth for the recorded music business.
Spotify posted a 168 million euro net loss, which was narrower than the 173 million euro loss reported for the same time one year ago. The report contains an update that how many people are using the music service.
This included 75 million paying subscribers, up 45 percent year-on-year, from which the company generates the vast majority of its revenue. The main problem has been covering the royalties owed to artists, songwriters and labels that license their music to Spotify's service.
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