Despite a record-setting second quarter and signs pointing to strong demand for live music heading into 2023, shares of U.S. 19, 2021.Įven concert promoters doing brisk post-pandemic business were affected.
At $91.40 per share, Spotify trades 74.9% below its all-time high of $364.59 set on Feb. 5 as investors soured on streaming following a pandemic-related boom. For example, Spotify, one of the most valuable companies in the index, fell 60.9% from Dec. Although most music companies have had record revenue or profits and global trends are favorable, persistent inflation and rising interest rates have battered stock prices and caused some investors to place a premium on profits rather than growth. The index’s falling value in 2022 reflects the challenging environment for stocks. To calculate the index values for the ends of the fourth, first and second quarters, Billboard replaced the stock prices of Anghami, an Abu Dhabi, United Arab Emirates-based streaming service, and Deezer with the special purpose acquisition companies they merged with, Vistas Media (on Feb. Most of the decline came in the second quarter when the value fell 27.3% from 1,553.18 to 1,128.98.
5 (considering the day’s closing stock prices and latest foreign exchange rates), up slightly from 1,000.00 on Sept. The company reported a net profit of 2 million euros compared with a loss of 101 million euros a year earlier.Music’s Top Money Makers: The Highest-Paid Executives at Publicly Traded Companies Analysts on average are expecting revenue of 2.62 billion euros and 180 million subscribers. Spotify forecast fourth-quarter revenue of 2.54-2.68 billion euros, and 177-181 million premium subscribers. The top end of the company’s current quarter forecast for revenue and premium subscribers also surpassed estimates. “While we have been relentless in our pursuit of being the world’s largest audio platform, it’s still early days and we are just getting started,” Chief Executive Daniel Ek said in a statement. Spotify currently has 3.2 million podcasts on its platform, up from 2.9 million at the end of the second quarter. The company has also been investing heavily in its podcast business to rival that of Apple and in April launched a paid subscription platform for podcasters in the United States. Total revenue rose 27% to 2.50 billion euros, beating the 2.45 billion expected by analysts, according to IBES data from Refinitiv.Ībout 40% of Spotify’s premium subscribers are based in Europe and 29% in the United States. Revenue from ads, which fell at the height of the pandemic, jumped 75% to 323 million euros ($376 million), and the company is planning to hire hundreds of staff to further boost advertising sales. Spotify earns from subscriptions and by showing ads to non-paying members. Emami Limited partners with Akshay Kumar as its brand ambassador for BoroPlus
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