The quarter also saw the acquisition of Podsights, a leading podcast advertising measurement service that helps advertisers better measure and scale their podcast advertising. “While this is slightly below our guidance, after excluding the involuntary churn of approximately 1.5 million subscribers as a result of our exit from Russia, growth was above expectations and aided by outperformance in Latin America and Europe,” It stated.
The number of Premium subscribers grew 15% year-on-year to 182 million in this period, up from 180 million in the last quarter. In a statement, it noted that premium revenue was up 23% to €2.37bn, while ad-supported revenue increased by 31% to €282m. In April 2022, the company revealed revenue of €2.66bn ($2.7bn) for the first quarter – up 24% year-on-year or 19% on a constant currency basis. Subsequently, old clips of Rogan using racial slurs were unearthed, prompting him to immediately apologise and explain his actions.Ī number of previous JRE episodes have since been deleted in response to criticism. The comedian, whose podcast Spotify bought the exclusive rights to in September 2020, was accused of spreading Covid-19 disinformation. The past year has seen it suspend its service in Russia due to the country’s attack on Ukraine and deal with the fall-out from the Joe Rogan Experience (JRE) controversy. As the market closed on 17 June 2022, the price stood at $99.27. The stock hasn’t managed to retest its highs since then and gradually lost more than two thirds of its value. By mid-February 2021 the SPOT stock price had risen 145% to $364.59, with people having flocked to the service during Covid-19 lockdowns.
By the end of its first day of trading, the price stood at $149. Spotify went public in a direct listing back in early April 2018. The platform now has 422 million users, including 182 million Spotify Premium subscribers, spread across 183 markets. While you can listen to content for free, upgrading to Spotify Premium provides access to exclusive features such as improved sound quality, and an on-demand, offline, ad-free experience. It gives people access to millions of songs and podcasts. Spotify has revolutionised how we listen to music since launching back in 2008. US30 US Wall Street 30 (USA 30, Dow Jones)
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