![]() ![]() ![]() The streaming audio company also beat estimates for monthly active users, a larger category including those listening for free, coming in at 515 million. Analysts had been expecting 2.2 million subscriber additions. In the quarter ending March 31, Spotify more than doubled Wall Street expectations for new premium subscribers in the first quarter, adding 5 million to reach 210 million globally. The podcast business is not yet profitable, though CFO Paul Vogel reiterated his outlook for profitability in the next 12 to 24 months. “So, relative to someone that’s smaller, we should be in a better position should we want to renew a deal.” “Because we’re now the largest podcasting platform, that means that we have an opportunity to amortize across a larger base,” he said. We have very sophisticated tools for measuring impact on the platform.” Those tools, he added, help the company determine a reasonable budget for content. ![]() ![]() “We’re going to be very diligent in how we invest in future content deals and the ones that are performing we will renew and the ones that aren’t performing, we’ll obviously look at them on a case by case basis on the relative value. “You’re right in calling out the overpaying and over-investing and I can start off by saying that we’re not going to do that,” Ek said. Smart-TV Maker Vizio Posts Q1 Ad Growth And Beats Wall Street Forecasts, But Inflation And Economic Worries Send Total Revenue Down 27% ![]()
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