Spotify CEO pumps $50 mn into his music streaming platform, stocks up by 3% - Upsmag - Magazine News

Spotify CEO pumps $50 mn into his music streaming platform, stocks up by 3%

Spotify co-founder and CEO Daniel Ek is investing $50 million into his own music streaming service, saying that the “best days are ahead”.

Spotify’s stock jumped more than 3 per cent to reach $108.98 per share after the announcement came late on Friday.

“I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead,” Additional said in a tweet.

Admitting that he is not required to disclose these purchases because of the foreign company status, Annex said that “I thought it was important for shareholders to know”.

Last month, Spotify shares hit their lowest point ($95.22) since listing as a public company on the New York Stock Exchange.

The Swedish music streaming service Spotify last month said that its premium subscribers jumped 15 per cent (on-year) to reach 182 million in the first quarter (Q1) of 2022, up from 180 million in the previous quarter, despite the Joe Rogan controversy involving Covid warning on his podcast.

The company said its monthly active users (MAUs) went up 19 per cent year-on-year to 422 million, up from 406 million last quarter and above its guidance by 4 million.

The growth in premium subscriber base was “slightly below our guidance”, said Spotify in a statement, after “excluding the involuntary churn of approximately 1.5 million subscribers as a result of our exit from Russia” in the wake of Ukraine invasion.

Spotify this week became the first music streaming service to be available on popular virtual gaming platform Roblox.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor


Click to rate this post!
[Total: 0 Average: 0]
Leave a Comment

GIPHY App Key not set. Please check settings