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SPOT Jun 2024 85.000 call
- Yahoo Finance Video
Spotify history: Beyond the Ticker
If you listen to music on the go, chances are you’ve heard of Spotify (SPOT). From its start as an invite-only service to over 600 million monthly active users, Spotify has become one of the largest music streaming providers in the world. Beyond the Ticker takes a look at the company's biggest moments as it works to ensure lasting success in a competitive market. 2006 Spotify was founded by Daniel Ek and Martin Lorentzon. The company is based in Stockholm, Sweden. 2009 After its start as an invite-only service, Spotify began offering free, but limited access, in the United Kingdom. 2011 Spotify launched in the United States in July 2011. Days later, the company received $100 million dollars in funding, valuing it at $1 billion. 2014 Taylor Swift pulled all of her music off of Spotify, claiming that "Valuable things should be paid for". Swift reconciled with the streamer in 2017. 2017 Spotify announced the expansion of its US operations in New York City, adding approximately 1,000 new jobs. 2018 On April 3, 2018, Spotify became a publicly traded company, trading on the New York Stock Exchange under the ticker symbol SPOT. Shares opened at $165.90 each. That valued the company at $29.5 billion. 2020 The company launched its dedicated podcast unit, highlighted by exclusive deals with Joe Rogan, Bill Simmons, and more. 2023 Spotify generated over $4 billion in revenue, including 602 million monthly active users and 236 million Premium subscribers. 2024 Spotify continues to expand, now available in 184 markets across Europe, Africa, the Americas, and Asia. It is also leaning deeper into artificial intelligence, with features like AI DJ and AI playlist – all in an effort to ride this next wave of innovation into the future. From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today. Check out more of our Beyond the Ticker series, and be sure to tune in to Yahoo Finance. Editor's note: This video was produced by Zach Faulds.
- Yahoo Finance Video
Consumers' will to absorb Spotify price hike is 'very strong'
Spotify (SPOT) has announced it will once again hike the prices of its subscriptions in the US. KeyBanc Managing Director Justin Patterson joins Morning Brief to discuss the move and how consumers are responding. "We look at our last audio survey, which was published just right around the time of that price increase. We actually saw that consumer willingness to absorb another price increase remained very strong," Patterson explains. He adds that the company has added "a lot" of value to its platform with new features like audiobooks and AI playlist recommendations, as well as video integration to podcasts. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl.
- Reuters
Spotify launches new basic streaming plan in US
Spotify raised the prices for premium plans earlier in June, the latest step by the Swedish music-streaming service in its push to increase margins. The company raised prices of its individual plan to $11.99 from $10.99 per month, duo plan to $16.99 from $14.99 and its family plan to $19.99 from $16.99 in the United States, its largest market by revenue. Spotify has been trying to boost its margins in recent months by lowering marketing spending and through layoffs, after relying on promotions and hefty investments to drive user growth.
