{"id":56485,"date":"2020-07-29T21:00:00","date_gmt":"2020-07-29T21:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2680234"},"modified":"2020-07-29T21:00:00","modified_gmt":"2020-07-29T21:00:00","slug":"spotify-q2-montly-active-users-jump-29-to-299-million-podcast-engagement-grows-but-losses-widen-stock-slips","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/07\/29\/spotify-q2-montly-active-users-jump-29-to-299-million-podcast-engagement-grows-but-losses-widen-stock-slips\/","title":{"rendered":"Spotify Q2 Montly Active Users Jump 29% To 299 Million, Podcast Engagement Grows; But Losses Widen, Stock Slips"},"content":{"rendered":"

\"\"<\/p>\n

\n
\"Spotify\"<\/div>
Andrew Matthews\/PA Wire<\/span><\/figcaption><\/figure>\n
\n

Spotify<\/a> saw monthly active users jump 29% to 299 million last quarter with boosts in paid and premium subscribers but earnings were squeezed by costs associated with the streaming music giant’s stock price gains.<\/p>\n

Premium subscribers rose 27% from a year earlier. Paid subscribers, 138 million, beat Wall Street estimates for the three months ended in June. A growing number of users, 21%, engaged with podcast content where consumption continues to grow at triple digit rates year over year, the company said.<\/p>\n

Founder-CEO Daniel Ek and executives will discuss the numbers on a conference call at 8 ET.<\/p>\n

Ad momentum in podcasting<\/a> continued into July,” the company said. Earlier this month it inked a $20 million global advertising partnership with Omnicom Media.<\/p>\n

The quarter was in amassing content. Spotify announced a multi-year exclusive licensing deal with The Joe Rogan Experience<\/a><\/em>, which will debut on Spotify in September 2020 and become exclusive on the platform later this year, and a multi-year partnership with Warner Bros. and DC to produce and distribute an original slate of narrative scripted podcasts exclusively on Spotify. The Michelle Obama Podcast<\/em> premiered with former President Barack Obama as a first guest.<\/p>\n

Revenue rose 13% to €1.89 billion ($2.22 billion), shy of estimates. A loss of €1.91 a share widened sharply €0.42 a year earlier on what the company called “social costs.” It means payroll taxes associated with employee salaries and benefits, including share-based compensation, the company is subject to in various countries.<\/p>\n

“When the fair market value of our ordinary shares increases on a quarter-to-quarter basis, the accrued expense for social costs will increase,” it explained. It noted that 31% of employees are based in Sweden, where it’s required to pay a 31.42% tax to the government on the profit an employee realizes on the exercise of stock options or the vesting of restricted stock units.<\/p>\n

The stock was down 4.35% in pre-market trading.<\/p>\n

Spotify said that after a “modest” drop in consumption hours driven by COVID in the first quarter, as of June 30 “global consumption hours have recovered to pre-COVID levels.”<\/p>\n

“Our liquidity position and free cash flow remain strong, and we are encouraged with the underlying trends of the business.”<\/p>\n

Spotify said expects monthly average users in the third quarter of 312 million to 317 million.<\/p>\n<\/div>\n

\n

See Campaign: <\/strong>https:\/\/deadline.com\/2020\/07\/spotifys-q2-montly-active-users-jump-29-to-299-million-podcast-engagement-grows-but-losses-widen-stock-dips-1202998233\/<\/a>
Contact Information:<\/b>
Jill Goldsmith<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

Jill Goldsmith<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"\"Andrew Matthews\/PA Wire Spotify saw monthly active users jump 29% to 299 million last quarter with boosts in paid and premium subscribers but earnings were squeezed by costs associated with the streaming music giant’s stock price gains. Premium subscribers rose 27% from a year earlier. Paid subscribers, 138 million, beat Wall Street estimates for the three … Continue reading Spotify Q2 Montly Active Users Jump 29% To 299 Million, Podcast Engagement Grows; But Losses Widen, Stock Slips<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":129,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-56485","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nSpotify Q2 Montly Active Users Jump 29% To 299 Million, Podcast Engagement Grows; But Losses Widen, Stock Slips - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/07\/29\/spotify-q2-montly-active-users-jump-29-to-299-million-podcast-engagement-grows-but-losses-widen-stock-slips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spotify Q2 Montly Active Users Jump 29% To 299 Million, Podcast Engagement Grows; But Losses Widen, Stock Slips - Business\" \/>\n<meta property=\"og:description\" content=\"Andrew Matthews\/PA Wire Spotify saw monthly active users jump 29% to 299 million last quarter with boosts in paid and premium subscribers but earnings were squeezed by costs associated with the streaming music giant’s stock price gains. 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