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Investors in Spotify (NYSE: SPOT) have gone on a rollercoaster ride in the last few years. Shares rallied more than 100% in late 2020 and early 2021, but went into a steep decline during the 2022 bear market after the company failed to reign in costs and reach profitability. Meanwhile, 2023 has been a lot kinder to shareholders, with the stock up 85% year to date (YTD) as of this writing -- likely due to the general bull market, cost-cutting measures from management, and impressive first-quarter growth numbers for the music and audio streaming platform.
Audio streaming platform Spotify (NYSE: SPOT) has brushed aside last year's blues and is off to a killer start in 2023. The music industry is enjoying a renaissance, thanks to online platforms like Spotify that have made it easier -- and cheaper -- than ever before for music fans to access their favorite songs anytime, anywhere. While rising consumer demand is a great secular tailwind, the real reason behind Spotify's surging stock price is what the company is doing.
Spotify announced on Monday that it will cut about 200 jobs from primarily its podcast division. The company said that the layoffs are part of their plan to grow "partnership efforts with leading podcasters." The Yahoo Finance team discuss what this move will mean for Spotify’s listeners and its relationships with A-list celebrities.
Spotify has invested heavily in podcasts in the past four years. Now, it's slashing costs as it aims to boost its margins.
Spotify will cut 200 jobs from its podcast business in its second round of redundancies this year, as the streaming giant continues to reel from its expensive bets on celebrity presenters such as the Duke and Duchess of Sussex.
These product leaders will create more value for consumers as they harness the power of artificial intelligence.
The move affects about 2% of the music-streaming giant's workforce and aligns Spotify with the likes of Meta Platforms and Roku, which have also cut jobs for the second time in response to an uncertain economy. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19.
There's a lot to like about Spotify (NYSE: SPOT), but investors must be patient with the stock. Here are three ways Spotify is set up for long-term success. Spotify has seen an explosion in ad-supported listeners over the last year, which should eventually translate into paid subscribers.
WSJ goes inside the largest record processing facility in America and talks with Linkin Park’s Mike Shinoda and industry experts to learn why vinyl is having a resurgence. Photo: Michael Kofsky for The Wall Street Journal
Spotify (NYSE: SPOT) has been dabbling with artificial intelligence for a long time, but investors got some confirmation recently about what it will be building. In a podcast last week, Bill Simmons said ad reads could get a local element from artificial voices like his own.
Yahoo Finance entertainment reporter Allie Canal discusses the role of AI in the entertainment industry, including AI-generated voices in music tracks, AI taking the place of writers, and the possibility of lawsuits.
For entertainment giants like Spotify, Disney and Universal Music, AI comes with a lot of risks along with potential rewards.
Microsoft (NASDAQ: MSFT) has come a long way since the days when the Windows operating system (launched in 1985) was its only blockbuster product. The company has grown to dominate other industries like gaming, cloud computing, and now, artificial intelligence (AI). Investors were particularly pleased with Microsoft's progress in AI during Q1, as it has been weaving the technology through the entire business.
Fox, Warner Bros Discovery, New York Times, Spotify and Alphabet have been highlighted in this Investment Ideas article.
Shake-ups in traditional media are hitting a fever pitch. Will legacy media fall victim to disruption?
Shares of Spotify (NYSE: SPOT) recently ran up to a 52-week high thanks to another well-received earnings report. In January, Spotify told investors to expect around 11 million new monthly active users during the first three months of 2023. Instead, the music streaming service added a whopping 26 million monthly active users.
The start of 2023 has been strong for digital audio platform Spotify (NYSE: SPOT). Exclusive podcasts, refined marketing strategies, and new platform features are driving more people around the world to sign up and engage with Spotify's audio service, which has investors bullish on its prospects at the moment. The highlight of Spotify's first quarter was clearly its user and subscriber numbers.
There were more than 15,000 incidents of people reporting issues with Spotify, according to Downdetector, which tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. Many users took to Twitter to share updates about the service disruption. Earlier this month, the company had experienced a brief outage, which impacted more than 20,000 people in the United States and over 8,000 in the UK at the peak of the service disruption, according to Downdetector.
Spotify (NYSE: SPOT) reported incredible user growth in the first quarter, overcoming the pandemic that has hurt so many tech businesses. In this video, Travis Hoium discusses the good and bad of the quarter for Spotify.
Sirius XM (SIRI) announces that its new Miami studios will be launched by Howard Stern on May 1.
Shares of streaming music monarch Spotify (NYSE: SPOT) got a big lift on Tuesday, rising 5.8% through noon ET even though the company reported a big net loss for the first quarter before the market opened -- and missed earnings estimates to boot. Heading into Q1, Wall Street analysts had forecast that Spotify would lose $0.93 per share on sales of $3.4 billion. Spotify's revenues rose 14% year over year to 3 billion euros.
Magnificent Noise Co-Founder Eric Nuzum joins Yahoo Finance Live to discuss Spotify’s moves in the podcast space, the streaming giant’s heavy investments in the podcast space, and the outlook for the podcast industry.
Yahoo Finance’s Allie Canal joins the Live show to discuss quarterly key takeaways from Spotify earnings.
Analysts largely expect Spotify to announce higher subscription fees in the coming months given its recent profitability push.
Investing.com -- Stocks were falling on Tuesday on renewed worries about the banking sector after First Republic said $100 billion of deposits flowed out in the first quarter. Here are the market movers for April 25.