Spotify CEO Daniel Ek said the ‘macro environment’ changed dramatically over the course of last year, setting the stage for belt-tightening
told investors Tuesday it would tighten spending and work to become efficient after a year of investments in technology and content.
Spotify invested heavily in building up its podcast and audiobooks business in 2022, with operating expenses growing at twice the speed of its revenue. That set the stage for Spotify to lay off 600 employees this month and trim other costs. Premium subscribers, who account for most of the company’s revenue, increased 14 per cent to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv.
Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100-billion revenue annually. It also promised high-margin returns from its costly expansion into podcasts and audiobooks. In autumn, Spotify cancelled 11 original podcasts from Parcast and Gimlet, two studios the company acquired in 2019, shifting focus to original and exclusive shows that attract listeners, such as Warner Bros’ “Batman Unburied,” or the thriller “Caso 63.”
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