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Spotify raises prices of premium subscription plans
  + stars: | 2024-06-03 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +1 min
Spotify announced on Monday it is increasing the cost of its premium subscription plans in the U.S., marking the Swedish music-streaming company's second price hike in a year. U.S. Spotify users will be notified about the new change to their subscription over the next month. A "Duo" plan will cost $16.99, and a "Family" plan will cost $19.99. In July 2023, Spotify increased the price of its Individual offering to $10.99. It also increased the prices of its Duo plan, Family plan and Student offering to $14.99, $16.99 and $5.99, respectively.
Persons: Daniel Ek Organizations: Spotify, Cannes Lions Locations: Cannes, France, U.S
Spotify's CEO is clarifying comments he made about content creation after drawing backlash. Daniel Ek said last week the cost of content creation was "close to zero," and people got upset. AdvertisementSpotify's CEO is doing some damage control after upsetting users with "reductive" comments about content creation. "Today, with the cost of creating content being close to zero, people can share an incredible amount of content," he wrote. "This has sparked my curiosity about the concept of long shelf life versus short shelf life.
Persons: Daniel Ek, Organizations: Service, Business
Four men were able to escape from Tangipahoa Parish Jail in Louisiana this weekend because of an eight-inch gap and a lack of oversight at the facility, the authorities said. Jimmy Travis, the chief of operations for the Tangipahoa Parish Sheriff’s office, blamed structural issues and a lack of oversight by the jail staff in a news conference on Monday. The four men escaped after they evaded correction officers during recreation time in the yard and hid out until darkness, according to a Facebook statement from the Tangipahoa Parish sheriff, Daniel Edwards. The men escaped in pairs, Mr. Travis said. On Sunday, two other inmates — Omarion Hookfin, 19, and Jamarcus Cyprian, 20 — copied that route for their escape.
Persons: Jimmy Travis, Daniel Edwards, Travis, Avery Guidry, Travon Johnson, , — Omarion, Jamarcus Cyprian Locations: Tangipahoa Parish, Louisiana, Tangipahoa
Read previewNASA's James Webb Space Telescope has detected three galaxies as they were likely forming during the universe's infancy, the space agency said Thursday. And it's all thanks to the tremendous observing power of the James Webb Telescope. AdvertisementThe James Webb Space Telescope helps astronomers study the very early universe. The Cosmic Dark AgesJames Webb Space Telescope has revealed 45,000 galaxies in this image, hundreds of which have never been seen until now. Astronomers study the Era of Reionization to understand the very early moments in our universe when galaxies and stars first formed and how.
Persons: , James Webb, Webb, Kasper Heintz, NASA Heintz, Brant Robertson, Ben Johnson, Sandro Tacchella, Marcia Rieke, Daniel Eisenstein, Heintz Organizations: Service, NASA, Business, James Webb Telescope, University of Copenhagen, James Webb Space Telescope, ESA, CSA, UC, UC Santa Cruz, CfA, University of Arizona Locations: Denmark, UC Santa, Cambridge
Opinion: Why Julian Assange’s fate matters
  + stars: | 2024-05-19 | by ( Opinion Alan Rusbridger | ) edition.cnn.com   time to read: +7 min
A determined American journalist, let’s call her Gillian, is sleuthing away at a story about India’s nuclear weapons program. Though Gillian is based in London, when she finally gets to publish her story, the Indian government is bent on revenge. Is Washington going to stand idly by and meekly accept the possibility of an American journalist languishing in an Indian jail? The clue is in the inverted commas around “journalist.” To my mind, Julian Assange is in some ways recognizably a journalist. However, to many journalists Assange is not a proper “journalist,” and they can’t really see what his fate has to do with theirs.
Persons: Alan Rusbridger, Read, let’s, Gillian, Alan Rusbridger Simone Padovani, meekly, Julian, He’s, , , there’s, Julian Assange, Assange, Stephanie Lecocq, Hillary Clinton, Clinton, El País, Der Spiegel —, Chelsea Manning, Sarah Ellison, ” Clinton, Manning, Barack Obama’s, Iraq —, , It’s, John Podesta, Richard Nixon, Daniel Ellsberg —, Edward Snowden, Daniel Ellsberg, Wally Fong, Anthony Albanese, Joe Biden Organizations: Prospect Magazine, CNN, Guardian, WikiLeaks, Court, la Republique, Reuters, New York Times, US Army, Apache, US, Washington Post, The New York Times, Pentagon, Australian Locations: American, London, Delhi, Washington, la, Paris, Kenya, Iran, El, Le, Afghanistan, Iraq, Vietnam, Los Angeles
“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.
Persons: Sarah Wyeth, , Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, , ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, , Cheese, Stambor Locations: New York, Hallandale Beach , Florida
Spotify CEO Daniel Ek has sold $176.3 million worth of stock this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDaniel Ek, Spotify's cofounder and CEO, has sold $176.3 million worth of his stock in the streaming service this year as its shares continue to surge. On Wednesday, Ek sold roughly 400,000 shares, worth $118.8 million, according to a Securities and Exchange Commission filing. In a separate transaction in February, he sold 250,000 shares, worth $57.5 million, per filings.
Persons: Daniel Ek, Ek, , Spotify's Organizations: Service, Securities and Exchange Commission, Business
The problem: Mr. Ek had neither a plan, nor the time or money to do much about it. He knew whom to contact: Hjalmar Nilsonne, a Swedish tech entrepreneur who Mr. Ek had met the year prior at the Brilliant Minds event, an annual gathering Mr. Ek started. At first, Mr. Nilsonne rebuffed Mr. Ek’s proposition. But Mr. Ek eventually won him over. Mr. Ek, a former computer coder, and Mr. Nilsonne, an engineer, zeroed in on building a better diagnostic tool.
Persons: Daniel Ek, ” Mr, Ek, DealBook, Hjalmar Nilsonne, Mr, Nilsonne, Watty Organizations: Spotify, Apple, YouTube, Amazon Music, Apple Watch, Neko Health Locations: Swedish, Stockholm, London
Daniel Ek said Spotify underestimated the impact of laying off 1,500 people in December. "It took us some time to find our footing," Ek told investors in an earnings call. AdvertisementLaying off 1,500 people in December ended up creating a "significant challenge" for Spotify, the company's CEO Daniel Ek said on Tuesday. "Although there's no question that it was the right strategic decision, it did disrupt our day-to-day operations more than we anticipated," Ek told investors in an earnings call. The layoffs, Ek said in December, were necessary as the company needed to become "relentlessly resourceful."
Persons: Daniel Ek, Ek, , Taylor, Swift, Mark Zuckerberg, Neal Freyman, Toby Howell, Zuckerberg Organizations: Service, Spotify, Poets Department, Brew Daily, BI
Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.
Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish
On a cool, windy day in February, two big white dogs escaped from a well-known nonprofit farm in Westchester County and ended up on a public footpath deep in a New York State park. They encountered a 10-pound miniature poodle on a leash. The larger dogs attacked, killing the poodle and then severely injuring its owner. Acting on the recommendations of state law, a local judge ordered the dogs to be euthanized. The farm, Stone Barns Center for Food and Agriculture, which is connected to Blue Hill at Stone Barns, a Michelin-starred restaurant in Pocantico Hills, filed an appeal on Thursday to stay the dogs’ euthanization.
Persons: Yong Ging Qian Organizations: Stone Barns, Food, Agriculture, Michelin, Mount Pleasant Justice Court Locations: Westchester County, New York State, Stone, Pocantico Hills, Mount Pleasant
Some employees criticize lavish spending on events, while Spotify is trying to cut costs. Some employees think Spotify is spending too much on parties and events, especially when the company is laying off thousands of people and looking to cut more costs. However, these employees said event spending has gone too far, given the company's broader efforts at frugality. One former employee described it as the company "spending tons of money flying people to Sweden to drink the Kool-Aid." Noam Galai/Getty ImagesSome of this lavish event spending is focused on solving a problem that's loomed over Spotify for years.
Persons: , Sam Smith, Charli XCX, Gunna, Daniel Ek, Ek, Daniel Ek Dave Benett, Diplo, Spotifest, Melanie Stetson Freeman, it's, Alicia Keys, Noam Galai, Gustav Söderström Organizations: Spotify, Service, Ikea, Business, Brooklyn, Spotifest, Christian Science, Getty, company's, Apple, YouTube Locations: Drumsheds, Houston, Stockholm, New York, Sweden, New York City, York
We've put together everything you need to know about the show's new season, including where to watch All American from anywhere. If you want to tune in live but don't have cable, we've got you covered with a great live TV package. ETWhere to watch All American live in the USAll American airs Mondays at 8 p.m. Starting at $76.99 a month, Hulu + Live TV comes with The CW and over 90 other live TV channels. Hulu + Live TV Hulu + Live TV includes over 90 channels, along with Hulu's on-demand library and access to Disney Plus and ESPN Plus.
Persons: It's, We've, Spencer James, Daniel Ezra, Spencer Paysinger, Spencer, Jordan, Michael Evans Behling, we've, Hulu's, ExpressVPN Organizations: Business, Beverly Hills, Giants, NFL, Hulu, CW, Disney, ESPN, Disney Plus, Netflix Locations: Riverdale, South Los Angeles, USA, ExpressVPN, Hulu
H&M shares jump 14% as profit smashes expectations
  + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com   time to read: +2 min
(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.
Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara
The utilities sector is living in the shadows of mega-cap tech, but a power player name is emerging — and it's toting year-to-date gains of more than 40%. Constellation Energy , headquartered in Baltimore, is the top winner in the utilities sector in 2024, with NRG Energy in a distant second place with a 22.7% advance. Indeed, the utilities sector and real estate are the two laggards of the S & P 500 , down about 1% and 3.5% in 2024, respectively. CEG XLU 1Y line Constellation Energy versus the Utilities Select Sector SPDR Fund over the past year Constellation, which currently has a dividend yield of 0.8%, isn't your father's utility. So-called 24/7 carbon-free power involves purchasing electricity generation from the same region where a corporate client will use it.
Persons: it's, CEG, James Thalacker, It's, Daniel Eggers, Sophie Karp, BMO's, Joseph Dominguez, Steve Fleishman, Ross Fowler Organizations: Constellation Energy, NRG Energy, Utilities, SPDR Fund, BMO Capital, Atlantic City Electric, Baltimore Gas and Electric, Delmarva Power, Constellation, Microsoft, Wolfe Research, Republican, UBS Locations: Baltimore, Virginia
Following Young’s protest, the singer-songwriter Joni Mitchell also removed her music from Spotify, and the R&B singer India.Arie circulated clips showing Rogan using a racial slur repeatedly on the show. Rogan apologized for his use of the word, and Spotify quietly removed dozens of episodes of his show. Spotify signed Rogan to a deal in 2020, worth at least $200 million, that made his show exclusive to that platform. Last month, the company announced a new, multiyear arrangement with Rogan in which Spotify would also distribute “The Joe Rogan Experience” to other podcast platforms, as well as YouTube. In his statement on Tuesday, Young didn’t give a timeline for when his music would return to Spotify, and a representative of Spotify did not immediately respond to a request for comment.
Persons: Robert Malone, , Joni Mitchell, India.Arie, Rogan, Daniel Ek, Joe Rogan, Young didn’t, Mitchell Organizations: Spotify, Street Journal Locations: Covid
Neil Young attends a press conference for Farm Aid 34 at Alpine Valley Music Theatre on September 21, 2019 in East Troy, Wisconsin. Neil Young on Wednesday said his music will return to Spotify , just over two years after he and other artists removed their catalogues from the music streaming platform amid a vaccine disinformation dispute. Spotify announced a multi-year deal with Rogan last month that removed its exclusivity, meaning "The Joe Rogan Experience" will return to platforms, including Apple Podcasts, YouTube and Amazon Music. Young previously said Spotify accounted for 60% of his global streaming revenue, prior to his departure. The move placed Spotify in a position to choose between numerous legendary musical figures and the controversial but hugely popular Joe Rogan podcast, which was its most streamed show in 2023.
Persons: Neil Young, Joe Rogan, Young, Rogan, Joni Mitchell, India Arie, Crosby, Stills, Nash, Daniel Ek Organizations: Farm, Valley Music Theatre, Spotify, CNBC, Apple, Amazon, Horse Locations: East Troy , Wisconsin, American
Read previewIt took a while for me to realize a common name was the best type of name for my son. On one hand, my son could stand out immediately like a rockstar — memorable, fun, free-spirited; on the other, he could seamlessly slot into society, a Daniel among Daniels. While unique names reflect a shift in our society toward a culture of individualism, they also have drawbacks that I was keen to avoid. And ironically, in a sea of unconventional names, Daniel stands out in an understated way. Firstly, my son has never been the only Daniel in school, so when someone calls his name, every Daniel within earshot turns around.
Persons: , Daniel, Daniels, Daniel Kaluuya, Daniel Radcliffe, Daniel Day Lewis, Daniel Craig, It's, Nameberry, I'm, insinuates, callbacks, Hannah, earshot, isn't Organizations: Service, rockstar, Business
Apple blocked rivals from telling users about cheaper options, the EU is expected to say next month. Apple is expected to be fined by the European Union for the first time, according to reports by the Financial Times and Bloomberg. The EU is set to impose a penalty of about 500 million euros ($539 million) in early March, the FT reported. AdvertisementThe EU is expected to find that Apple placed “unfair trading conditions” on rivals to its Apple Music service, per the reports. The streaming company claimed Apple’s App Store rules “purposely limit choice and stifle innovation” by imposing a 30% commission on app developers.
Persons: Daniel Ek, Apple didn’t Organizations: Apple, European Union, Financial Times, Bloomberg, EU, Apple Music, Spotify, Digital Markets, Business Locations: EU
Spotify founder and CEO Daniel Ek admitted to feeling not good enough every day despite his success. He told Norges Bank Investment Management’s podcast “In Good Company” he often feels "inadequate." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDaniel Ek is a billionaire and CEO of one of the world’s best-known companies — but says he still feels “inadequate every day.”The Spotify chief made the comment on Norges Bank Investment Management’s podcast “In Good Company” last month. The stock has had a rollercoaster ride but is up 58% over the past five years, and 91% up over the past 12 months, leaving Spotify worth $46 billion.
Persons: Daniel Ek, , Ek, , he's, That’s, ” Ek, Forbes, George Barnard Shaw Organizations: Spotify, Norges Bank Investment, Service, New York Stock Exchange, Business Locations: Swedish
Read previewApple is about to find out what developers really make of its App Store shake-up . The iPhone maker has started to offer 30-minute online consultations to any app maker seeking to give feedback on a raft of controversial changes made to its App Store last month . To address lawmakers' concerns, Apple set about allowing third-party app stores onto iOS. AdvertisementFor one, it can expect to hear strong thoughts about rules dictating which third-party app stores will be allowed onto its operating systems. That said, it's still open to talk about topics including alternative distribution on iOS, alternative payments in the App Store, and more.
Persons: , Tim Sweeney, Daniel Ek, Don Emmert, Sarah Bond, Apple, Sweeney, It's, Zach Meyers, it's Organizations: Service, Union's, Business, Apple, EU, Epic, iOS, Getty, Center, European Locations: Cupertino , London, Singapore, AFP, @Zach_CER
NEW YORK (AP) — Spotify has penned a new multi-year partnership deal with controversial podcast host Joe Rogan, whose enormously popular show will soon also be available on competing platforms, including YouTube and Apple Podcasts. Spotify announced the renewed partnership in a post on the company's corporate blog Friday. Under a prior multimillion-dollar deal, “The Joe Rogan Experience,” had been a Spotify exclusive since 2020. Wall Street Journal, which first reported the new deal on Friday, estimated that the new contract was worth as much as $250 million over its multiyear term. These conversations have changed the way I think about life immeasurably and continue to do so.”The show is consistently Spotify's most popular podcast but also a frequent cause of controversy for the company.
Persons: Joe Rogan, , Rogan, “ It’s, immeasurably, Neil Young, Daniel Ek, Joe Organizations: Spotify, YouTube, Apple, Wall Street
Meta CEO Mark Zuckerberg is the latest to slam Apple's new app store rules. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeta has joined the ranks of companies criticizing Apple's new App Store rules. AdvertisementOn a call with analysts this week, Meta CEO Mark Zuckerberg said the changes were "so onerous" that he'd be "very surprised if any developer" chooses to opt in. The streaming giant also released a statement accusing Apple of acting like "they don't think the rules apply to them."
Persons: Mark Zuckerberg, Zuckerberg, , It's, Apple, Daniel Ek, Apple's, Sarah Bond Organizations: Service, Meta, Union's, Apple, Digital
Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive. H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter. In an unexpected leadership shake-up at the H&M group, Helena Helmersson, who has been in the CEO role for four years, will be replaced by Daniel Ervér. "The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024," group chair Karl-Johan Persson said. "Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."
Persons: Helena Helmersson, Daniel Ervér, Helmersson, Ervér, Karl, Johan Persson, Daniel Organizations: Oxford Street, Regent Locations: London, United Kingdom, Zara
“However, it has been very demanding at times for me personally and I now feel that it is time to leave the CEO role, which of course has not been an easy decision.”Helmersson, who is leaving H&M after 26 years at the company, has been replaced as CEO by Daniel Erver. He was most recently head of the H&M brand, which is the largest within the group. H&M shares plunged after the announcements and were more than 9% lower in midday trade in Stockholm. Earlier this month, it was forced to remove a school uniform advertisement in Australia after social media users complained it sexualized children. “We are deeply sorry for the offense this has caused,” H&M told CNN.
Persons: London CNN — Helena Helmersson, , ” Helmersson, Daniel Erver, Helmersson, Organizations: London CNN —, Reuters, CNN Locations: Swedish, Stockholm, Myanmar, Australia
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