![]() Ethereum price drops 20 as SEC declares control over network. ![]() Russian stocks crash on signs Putin may escalate Ukraine war with military mobilization and Ukraine annexation. Ultimately, the platform sided with Rogan as Ek reiterated that the company would not "take on the position of a content censor."ĭespite the controversy, the service has continued to add users, reporting monthly users of 422 million in the first quarter (above Wall Street consensus estimates. Get the latest news, photos, videos and more on Spotify from Spotify Latest news and headlines Latest news and todays top stories Yahoo News UK. Notable artists including Neil Young, Joni Mitchell, Nils Lofgren, David Crosby, and Stephen Stills, among others pulled their music off of the platform in an effort to oust Rogan - by far Spotify’s most popular personality, with 11 million listeners. Spotify has doubled down on the trend with a slew of high-profile podcast deals, including a reported $200 million multi-year licensing contract with Joe Rogan.Įarlier this year, the platform came under fire for hosting Rogan's controversial podcast, which critics slammed for spreading misinformation surrounding COVID-19 vaccinations. The bureau predicted that the market will exceed $2 billion in 2022 with an estimate of over $4 billion by the year 2024. Long-term investors in Spotify required nerves of steel in 2019. podcast advertising revenues rose to $1.4 billion in 2021, surpassing the $1 billion mark for the first time, according to a study from the Interactive Advertising Bureau. Spotify's chief content and advertising business officer Dawn Ostroff told investors that the audio giant is still in "investment mode," but expects its podcast business to be a "$20 billion opportunity" with continued improvements in both ad products and monetization.ĬEO Daniel Ek also underscored the potential of the platform's podcast unit, estimating that he expects it to generate margins between 40% to 50%.ĭuring Wednesday's meeting, Ek revealed that the company is "performing much better than you probably suspect, roughly 28.5% (margins) which is a significant progress in reaching our 30% to 35% long-term goal."Īggressive spending on both the podcast and audiobook side of the business hindered those long-term goals, the executive clarified. The company, which has spent a whopping $1 billion on podcasts, said its billion-dollar bet is "already starting to pay off." ![]() Shopify has been growing at a 53 compound annual growth rate since mid-2019, yet those. Spotify ( SPOT) saw its stock jump over 6% in midday trading on Wednesday after the company revealed during its investor day that it brought in roughly $215 million in podcast revenue last year. Spotify’s most-listened-to podcast on a regular basis is The Joe Rogan Experience, which is available exclusively on the platform under a multiyear, 200 million-plus deal with Rogan. Shopify (NYSE: SHOP) stock has given up several years of gains in just a few painful months this year. ![]()
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