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☆ Spotify Launches New Video Feed to Keep Listeners Listening
▼ + stars: | 2023-03-08 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA wants users to discover their next favorite artist on its platform, and not on TikTok or YouTube. The Swedish music-streaming company on Wednesday introduced a new video feed for its app, aiming to recommend music, podcasts and audiobooks to users via short clips, similar to TikTok and YouTube Shorts.

☆ Spotify listeners cross half a billion mark
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Spotify Technology SA (SPOT.N) said on Wednesday it would roll out new features like smart shuffle and previews of podcasts and music playlists on its audio streaming platform, as it crossed 500 million in monthly active listeners. Spotify also shared an update to its annual music royalties report, noting that the number of artists making over $1 million as well as those generating over $10,000 had more than doubled in the past five years. Earlier this year, Spotify said it would tighten spending and work to become efficient given the tough macroeconomic backdrop and projected the number of listeners would reach 500 million in the current quarter. Features like autoplay for podcasts, personalized visual and audio previews of podcast episodes and audiobooks or music playlists, and new feeds for discovery will be rolled out in waves starting Wednesday, Spotify said. Reporting by Eva Mathews in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Radio company SiriusXM cuts workforce by 8%
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - SiriusXM Holdings Inc (SIRI.O) on Monday said it would lay off 8% of its workforce, or about 475 employees, as the satellite radio firm takes a hit from slow subscriber growth. Weak auto sales are also expected to hurt the radio operator's subscriber base. "Today's decision to reduce our workforce was required for us to maintain a sustainably profitable company," Chief executive Jennifer Witz said in a letter to staff. SiriusXM joins tech titans such as Microsoft Corp (MSFT.O) and Google-parent Alphabet Inc (GOOGL.O) that cut headcount by the thousands to weather a tough economy. In January, music streaming platform Spotify Technology (SPOT.N) also cut its workforce by 6%.

☆ Activist investor ValueAct takes stake in Spotify
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - ValueAct Capital Management has taken a stake in Spotify Technology SA (SPOT.N), at a time when the audio streaming company is looking to cut costs. "We welcome ValueAct as an investor in Spotify," a spokesperson for the Swedish company said on Friday, without disclosing further details on the investment. ValueAct Chief Executive Mason Morfit disclosed the investment during a presentation at a Columbia University event in New York on Friday, according to Bloomberg News, which first reported the stake. ValueAct, which declined to comment, distinguishes itself from other activist investors by preferring to stay behind the scenes and rarely presents its investment ideas publicly. However, a challenging economic environment set the stage for belt tightening, with Spotify Chief Executive Daniel Ek announcing layoffs and an organizational restructuring in January.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ The AI craze has sent some stocks soaring up to 300%. This list of over 74 stocks across 5 categories features the top picks from the sector's leading fund managers.
▼ + stars: | 2023-02-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

These 74 stocks are picked by AI ETF managers. What she believes is unique about her fund is its heavy focus on quantum computing technology, making up 41.22% of the fund. While big data is used for different technologies, it enables AI to work with massive data sets in its machine-learning process. TipRanks, a financial technology website that uses AI to analyze financial data, created a stock list for what they deem are the best AI stocks based on popularity. TipRanks' list of nine of the best AI stocks have large market caps and are likely to remain relevant for a long time.

☆ Spotify Adds Users, Reports Loss After Big Investments in Podcasts
▼ + stars: | 2023-01-31 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA reported strong user growth but another quarterly loss after the company invested extensively to build its podcast business. The audio giant, which last week laid off employees and reorganized its top brass, said it aims to become a more efficient business this year following an intense period of spending. Spotify’s chief content and advertising business officer, Dawn Ostroff , will leave the company. She spearheaded the company’s expansion into podcasting, helping acquire studios and ink deals with high-profile figures such as Joe Rogan, Michelle Obama and Kim Kardashian.

☆ Spotify's user growth beats estimates, expects 500 million listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lucy NicholsonSTOCKHOLM, Jan 31 (Reuters) - Spotify Technology SA (SPOT.N) on Tuesday reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter. The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

☆ New Spotify release gives bull-market vibes
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 31 (Reuters Breakingviews) - Just when it seemed like technology investors were done with “growth at all costs”, Spotify Technology (SPOT.N) has sent investors into a retro spin. The Swedish music-streaming company led by Daniel Ek on Tuesday said it ended 2022 with 205 million paid subscribers, a 14% year-on-year increase. The shares leapt almost 10%, boosting Spotify’s market capitalisation to roughly $21 billion. That means Spotify’s bull-market vibes are only relative. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Analysts were expecting 202 million subscribers and revenue of 3.05 billion euros. Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually. "Spotify will double down on things that worked well and stop doing the things that don't work," he said. In 2023, the company expects revenue to begin to grow faster than operating expenses, which have jumped due to headcount growth and higher advertising costs.

☆ Spotify's user growth beats estimates, expects 500 mln listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. The growth was driven by marketing campaigns and as more listeners signed up in countries such as India and Indonesia. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

☆ Spotify Goes Down for Many Users Before Service Restored
▼ + stars: | 2023-01-27 | by ( Talal Ansari | ) www.wsj.com time to read: 1 min

Streaming service Spotify had an outage on Thursday. Streaming service Spotify Technology SA experienced an outage for the second time this month, temporarily disrupting service for thousands of users. “Something’s not quite right, and we’re looking into it,” Spotify said in a tweet Thursday afternoon.

☆ Spotify down for thousands of users - Downdetector
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Spotify Technology SA's (SPOT.N) music streaming platform was down for thousands of users on Thursday, according to outage-tracking website Downdetector.com. In the second such outage within two weeks, nearly 35,000 Spotify users reported on Downdetector.com they were having issues with the streaming platform. "Something's not quite right, and we’re looking into it," Spotify Status, an account that provides updates about the platform's status, said in a tweet on Thursday. Spotify suffered a brief outage earlier this month, with more than 45,000 affected users from the United States at the peak of the disruption. Reporting by Deborah Sophia in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street extends rally, powered by tech bounce
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

All three major stock indexes extended Friday's gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares (.SOX). Of the 11 major S&P 500 sectors, all but energy (.SPNY) ended green, with tech shares (.SPLRCT) enjoying the largest percentage gain, up 2.3% on the session. The fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Analysts now see S&P 500 fourth-quarter earnings, on aggregate, dropping 3% year-on-year, nearly twice as steep as the 1.6% annual drop seen at the beginning of the year, per Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 19 new lows.

☆ Spotify to Cut 6% of Workforce in Latest Tech Layoff
▼ + stars: | 2023-01-23 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Spotify Technology SA is laying off about 600 employees, or roughly 6%, of its workforce as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic. The company’s move is the latest in a wave of technology layoffs, as the industry recalibrates after growing rapidly over the past few years and ahead of a potential recession.

☆ Wall Street surges, powered by tech rebound
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"No one wants to be watching from the sideline with a bunch a cash as the market gets away from them." All 11 major sectors in the S&P 500 were higher, with tech (.SPLRCT) up the most, jumping 2.8%. Fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Of those, 63% have delivered better than expected earnings, according to Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 14 new lows.

☆ Spotify to Cut 6% of Workforce in Latest Tech Layoffs
▼ + stars: | 2023-01-23 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Spotify Technology SA is laying off 6% of its employees as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic. The company’s move is the latest in a wave of technology layoffs, as the industry recalibrates after growing rapidly at the start of the pandemic. Tech companies big and small are grappling with economic turbulence after swelling their head counts over the past few years. Now, many are cutting some of their recent additions and abandoning long-shot projects.

☆ Spotify to trim 6% of workforce in latest tech layoffs
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession. The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. "I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months. Reuters GraphicsSmall figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. Ostroff helped shape Spotify's podcast business and guided it through backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19.

☆ Spotify to cut 6% of jobs, content head to depart
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

That has led firms from Meta Platforms Inc (META.O) to Microsoft Corp (MSFT.O) to shed thousands of jobs. "I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months. It said Dawn Ostroff, the head of content and advertising, was leaving after an over four-year stint at the company. Ostroff helped shape Spotify's podcast business and guided it through backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. The company said it is appointing Alex Norström, head of the freemium business, and research and development boss Gustav Söderström as co-presidents.

☆ Spotify to trim 6% of workforce
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Music streaming firm Spotify Technology SA (SPOT.N) plans to cut 6% of its workforce, the company said on Monday, a move that will add to a glut of layoffs in the technology sector as companies prepare for a possible recession. Tech companies are facing a demand downturn after two years of pandemic-driven growth during which they had hired aggressively. Spotify said it will incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges. Spotify had about 9,800 full-time employees, as of Sept. 30. ($1 = 0.9196 euros)Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Spotify to cut staff as soon as this week - Bloomberg News
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Spotify Technology (SPOT.N) is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday, joining the likes of Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) who have cut thousands of jobs recently. The report, which cited sources, said that the number of jobs being eliminated was not specified. In the last few weeks, Google parent Alphabet said it would eliminate 12,000 jobs, while Microsoft said it would eliminate 10,000. Other tech companies like Facebook-parent Meta and Elon Musk's Twitter laid off thousands late last year. Reporting by Rahat Sandhu in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Spotify to trim 6% of workforce, content head to depart
▼ + stars: | 2023-01-23 | by ( ) www.cnbc.com time to read: +1 min

Daniel Ek, chief executive officer and co-founder of Spotify AB, stands for a photograph after a news conference in Tokyo, Japan, on Thursday, Sept. 29, 2016. Music streaming firm Spotify Technology said on Monday it plans to cut 6% of its workforce, or roughly 600 jobs, adding to a glut of layoffs in the technology sector as companies prepare for a possible recession. The company also said its chief content and advertising business officer, Dawn Ostroff, will depart as part of a broader reorganization. Spotify, which had about 9,800 full-time employees as of Sept. 30, said it expects to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges. The company had said in October that it would slow down hiring for the rest of the year and into 2023.

☆ Spotify joins media firms to urge EU action against Apple's 'unfair' practices
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Music streaming service Spotify Technology (SPOT.N), along with other media firms such as Deezer, urged the European Commission to take action against Apple Inc (AAPL.O) for anticompetitive and unfair practices, in a joint industry letter on Wednesday. The letter, addressed to the European Union antitrust regulator's Executive Vice-President Margrethe Vestager, demanded the Commission to act fast for the welfare of European consumers. Spotify has for years accused Apple of abusing its market position using its App Store rules to stifle competition. "We are writing to you to call for swift and decisive action by the European Commission against anticompetitive and unfair practices by certain global digital gatekeepers, and Apple in particular," read the letter, which was signed by chief executives of media firms Schibsted, Proton and Basecamp. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ How Spotify’s ‘Case 63’ Went From Regional Hit to Unexpected Chart-Topping Podcast
▼ + stars: | 2023-01-05 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA’s original sci-fi thriller “Case 63” has become one of its biggest shows, marking a strategic shift for the streaming giant in the type of content it is creating for its audio business. Initially a Spanish-language Chilean series, “Caso 63” ranked No. 1 for nearly a month in Argentina and Mexico post-premiere in 2020. 1 podcast in translations for Brazilian and Indian audiences. The English version, released at the end of October, topped the charts in the U.S., Canada, Ireland and the U.K.

As the cost of signing up new customers rises, “lifetime value” is set to become must-use jargon for technology executives, investors and analysts in 2023. The concept of lifetime value is not new, but a common definition remains elusive. The problem is that everyone seems to have a different definition of lifetime value. But lifetime value isn’t a silver bullet, as Gurley noted a decade ago. As with previous buzzwords, investors may find that references to lifetime value do more to confound than clarify.

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